Commodities, Copper, Exploration/Development, News

CGN unlocking ‘regionally significant anomalies’

CGN West Arunta

CGN Resources is gearing up for an upcoming drill program at its Webb project in the West Arunta region of WA.

The company has completed gravity and induced polarisation (IP) geophysical surveys at Webb, with an IP survey at the Surus prospect providing compelling evidence of a “large chargeable and conductive body” coincident with a gravity anomaly.

These findings corroborate CGN’s exploration strategy and underscore the potential for deep diamond drilling to be conducted at Surus.

Recent ground gravity surveying has significantly refined gravity targets at the Snorky and Horton prospects, with evidence to suggest conductive rocks are present at Snorky, Horton and Shep,

CGN aims to drill these prospects in the coming months.

“It is truly exciting to receive such positive results from our initial ground geophysical surveys,” CGN managing director Stan Wholley said.

“In all cases the surveys have refined and enhanced the targets we are looking to test with drilling in 2024. The gravity surveys confirm the quality of these regionally significant anomalies and provided far better resolution for drill targeting.”

Wholley said the IP findings at Surus have been “particularly pleasing”, providing the company confidence that its targeting strategy is working.

There are also encouraging results at other prospects.

“Data processing is ongoing at the Snorky, Horton and Shep targets but preliminary raw data appears very encouraging,” Wholley said.

“Drilling will commence in early April at the Surus target with a 650m-deep diamond hole partially funded by a $220,000 EIS (Exploration Incentive Scheme) grant.

“With such positive results from the recent IP survey, the team cannot wait to get the drill rig turning and test the source of this large dense and strongly chargeable target. As a geophysical IOCG (iron oxide copper-gold) target, this has everything we want to see.”

With $8.5 million in the bank, CGN is strongly placed to carry out its 2024 exploration program, with the hope of emulating the success of West Arunta neighbours, WA1 Resources and Encounter Resources.

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