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Cassini Resources and OZ Minerals confirm nickel-copper potential of Succoth Deposit

The drilling confirms the potential for open pit mining and supports Cassini’s goal of building a multi-decade mining operation at West Musgrave.

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Further drilling planned in 2019 field program

Cassini Resources Ltd (ASX:CZI) and OZ Minerals Ltd (ASX:OZL) have confirmed positive results from recent drilling at the Succoth Deposit within its West Musgrave JV project in Western Australia.

Three diamond drill holes for 1,883 metres were completed in late 2018, infilling a strategic section critical to resolving the folded stratigraphy model hypothesis.

Significant results from the program include 76.3 metres at 0.71% copper and 0.17 g/t PGE (platinum group elements) from 46.7 metres, 92.55 metres at 0.75% copper and 0.19 g/t PGE from 271.45 metres.

Of note is a 0.25 metre intersection of re-mobilised massive sulphide within a dolerite dyke grading 3.17% nickel, 1.41% copper and 0.22% cobalt.

Background

Cassini and its joint venture partner OZ are undertaking a pre-feasibility study (PFS) on the Nebo-Babel deposits and a regional exploration program at West Musgrave.

OZ now has a 51% majority stake after hitting its earn-in milestone six months early.

The Succoth Deposit is a large, inferred copper resource of 156 million tonnes at 0.60% copper, located only 13 kilometres northeast of Nebo that could have significant benefits to the project by providing additional mineralisation to a future mining operation at Nebo-Babel.

Succoth plan showing recent drilling and position to historical holes and resource

The latest results have confirmed thick zones of copper mineralisation that support a favourable, folded mineralisation geometry, with significant implications for future resource updates and mining evaluation.

Drilling has also provided further evidence of a proximal source of nickel sulphide mineralisation.

 

Cassini managing director Richard Bevan said: “The importance of these results goes well beyond the assays themselves.

“They support a favourable geological interpretation that has significant potential benefit for the scale of the resource at Succoth, its amenability to open pit mining and our goal of building a multi-decade mining operation in the West Musgrave.

“The perseverance of our geological team is successfully unlocking the potential of Succoth and we look forward to further drilling success in 2019”.

Next steps

The significance of the Succoth Deposit and the implications for the Nebo-Babel development continue to be evaluated.

The Succoth Deposit presents future optionality on copper with likely low capital intensity development costs that may support a multi-decade project in the region.

A second infill section requiring about 2,000 metres of drilling will be undertaken to confirm the folded geological interpretation extends along strike.

Site works have already been completed and drilling will commence early in the 2019 field program.

Quick facts: Cassini Resources Ltd

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