The first two drill holes of a diamond drilling program at Ovis and Ovis down-plunge extension prospects have been completed and a third hole, testing a new electromagnetic (EM) anomaly 1 kilometre along strike to the north of Ovis, is in progress.
Cassini believes the intersections are ‘visually encouraging’ having intersected nickel-copper sulphide over a 10-metre zone in hole YAD0010 at Ovis.
Shares have been as much as 18% higher in early trade to 13 cents, a new 12-month high, and have been climbing since March 19 when they closed at 5.6 cents.
Sulphide mineralisation at 54 metres depth and 76 metres in hole YAD0010.
Similar widths with disseminated sulphides have also been intersected in hole YAD0011, which tested a new EM plate, 250 metres down-plunge from Ovis.
The hole has demonstrated the continuity of the Ovis system to the north and provides an important EM platform to test for the presence of massive sulphide accumulations well below detection depths of surface EM.
Surface EM and soil geochemistry highlights
Cassini has also received 200 metre-spaced infill soil results and partly completed surface EM survey results along the Brassica northwest trend.
The EM survey has defined a 90-metre x 65 metre, 1,500-siemens conductor at the XC06 anomaly.
A coherent, northeast-trending, coincident palladium-platinum and nickel-copper-cobalt soil anomaly occurs immediately west of the EM conductor, in an area where the surface projection of the conductor would be expected, based on its modelled orientation.
The company views the coincidence of these two diagnostic properties, derived from completely independent methods, as highly encouraging for the identification of nickel-copper-PGE (platinum group element) sulphides.
Importantly, the geochemical anomaly has a strike length of over 600 metres.
Following these new results, the XC06 anomaly is now considered a high-priority target for immediate drill testing.
Cassini intends to move the rig to XC06 following completion of the third hole later this week and looks forward to providing further updates to the market at the conclusion of current activities.