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Cauldron Energy successfully completes due diligence for Victorian Goldfield projects

The company is planning to commence on-the-ground work programs in the new calendar year.

Cauldron Energy Ltd - Cauldron Energy successfully completes due diligence for Victorian Goldfield projects
Blackwood Goldfield produced over 218,000 ounces of gold during the 1860’s Victorian gold rush

Cauldron Energy Ltd (ASX:CXU) has satisfactorily completed its legal and technical due diligence to acquire the Blackwood Gold Project and the Bullarto South Gold Project in Victoria.

The projects lie adjacent to one another southeast of Daylesford in the Central Victorian Goldfields surrounding Ballarat.

Cauldron is in the process of drafting and finalising the formal joint venture agreements for each project and expects to execute the agreements within the next few weeks.

Exploration plans initiated

Together the projects cover an area of 160 square kilometres and secure the most significant portion of the highly prospective Blackwood Goldfield which produced over 218,000 ounces of gold during the 1860’s Victorian goldrush, worth more than $450 million today.

Planning and preparing requests for approval (for exploration activity) has started with a view to commencing on-the-ground work programs in the new calendar year.

The key feature of each of the projects are as follows:

Blackwood Gold Project

  • The vendor has spent 25 years consolidating the leases of the project area, providing a great opportunity for systematic exploration and development over the entire goldfield;
  • Project provides a pathway to near-term production of gold;
  • The largely forgotten Blackwood Goldfield produced significant high-grade gold from near-surface historical mining;
  • +90% of the historical gold production was from the shallow portion of exceptionally high-grade gold in quartz reefs;
  • Great potential exists for large tonnage high-grade gold, down-plunge and along strike of workings;
  • Exceptional prospectivity along eight extensive lines-of-lode that are open and are proven past gold producers; and
  • Multiple high-priority targets identified with plans prepared for immediate drilling.

Bullarto South Gold Project

  • Significant historical mining activity present within the project area having in excess of 100 named shafts and pits;
  • Three high-priority targets identified, being: down-plunge extensions of mineralization from known mineral resource at Abel Prospect; down-plunge extensions to recent mining activity at Dicksons Mine (abandoned in the 1990s); follow-up drilling of very high-grade gold-in-soil anomalies at Hill 858; and
  • Plans prepared for immediate drilling

Quick facts: Cauldron Energy Ltd

Price: 0.028 AUD

Market: ASX
Market Cap: $10.54 m

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