Exploration/Development, News

CGN honing in on ‘regionally significant anomalies’

drill, drilling, CGN

CGN Resources has completed geophysical testing at its Webb project in the West Arunta region of Western Australia.

Geophysical testing at the company’s Surus, Snorky, Horton and Tantor prospects has confirmed the presence of “regionally significant” gravity anomalies.

The work has enhanced CGN’s key targets which will improve drill targeting for the upcoming diamond and reverse circulation drilling programs.

CGN is well funded and has secured all the necessary permits to commence drilling work immediately. In the event of a discovery, additional clearances are already in place to expedite further exploration.

CGN managing director Stan Wholley said it was pleasing to have completed the geophysics program on time and on budget.

“However, it is most pleasing that the results have supported our exploration models and improved our geological understanding, allowing us to refine our drilling to concentrate on the most compelling parts of the targets,” he said.

“We are in the West Arunta because of the large-scale target potential to produce meaningful discoveries. Their scale also necessitates us to identify the most compelling parts of the targets as quickly as possible.

“This is why we have completed detailed ground surveys and why we have completed substantial heritage surveys so we can follow up and expand on what we find quickly and efficiently.”

Drilling is slated for this month at the Surus prospect, with a 650m deep diamond drill hole partially funded by a $220,000 Exploration Incentive Scheme grant.

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.

Subscribe to Australian Resources & Investment and receive the latest news on commodity prices, resource developments, executive movements and more.

Previous ArticleNext Article
Send this to a friend