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Caeneus Minerals starts drilling at the Pardoo Project with Segue Resources

Published: 15:50 26 Oct 2017 AEDT

map of Western Australia
Originally acquired as a nickel property

Caeneus Minerals Ltd (ASX:CAD) has commenced drilling for nickel-copper and gold at the Pardoo Project in the Pilbara region of Western Australia.

The Pardoo Project is a joint venture with Segue Resources Ltd (ASX:SEG), in which Caeneus holds an 80% equity interest.

Significantly, the project hosts the Highway deposit containing 50 million tonnes at 0.3% nickel, 0.13% copper and 0.03% cobalt.

Geophysical data has indicated the probable presence of a large mafic/ultramafic intrusive complex with the potential for higher grade nickel-copper mineralisation.

Caeneus has planned 10 reverse circulation drill holes to test the priority targets for a total of circa 1,600 metres.

This drilling has commenced and is expected to be completed by early November.

Although originally acquired as a nickel property, research by Caeneus has determined that the Pardoo Project also hosts considerable potential for economic gold mineralisation.

The company remains confident that the current drilling program has an excellent chance of intersecting significant mineralisation, either nickel-copper, base metals or gold.

Earlier this month, Caeneus signed an agreement to acquire key Pilbara Craton projects, joining the search for gold mineralisation associated with outcropping Witwatersrand style conglomerates.

READ NOW: Caeneus Minerals joins the search for conglomerate hosted gold in Pilbara

These conglomerates are similar to Novo Resources Corp’s (CVE:NVO) Purdy’s Reward prospect and De Grey Mining Ltd’s (ASX:DEG) Loudens’ Patch in the Pilbara region.

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