Mt Venn Gold Project (CAZ 100%)
Following grant and obtaining access to the project, Cazaly conducted two drilling campaigns at Mount Venn during the year. Targeting was largely based upon anomalous gold and pathfinder geochemistry in association with favourable lithologies and structural positions defined from geophysics and previous mapping. Drilling initially focussed on two prospects, Three Bears and Rutters. The programmes proved to be highly successful in defining a major gold mineralised structure at Three Bears and outlining widespread zinc anomalism at Rutters.
The results confirmed the Three Bears mineralised corridor for over 3km. Mineralisation occurs within a large shear structure close to the contact between felsic volcanics and an ultramafic unit.
The confirmation that a large, mineralised gold bearing structure is present in the area is particularly significant and greatly enhances the prospectivity of the region.
Rutters Zinc Project
In February a programme of 30 RAB drillholes targeted a coincident auger geochemistry and Zinc-Gold anomaly situated approximately 6km south of the Three Bears prospect along the western margin of the Wartu granite.
The host volcanics display pervasive, fine grained sulphides, predominantly pyrite, whilst reprocessing of historic airborne EM (Electromagnetic) data highlighted a +1.5km long coincident anomaly below the geochemical anomaly. The company has just finalised processing of a ground based Dipole-Dipole Induced Polarisation (IP) which has highlighted a moderate but consistent shallow IP anomaly coincident with the geochemistry and regional EM anomaly.
The presence of extensive zinc mineralisation, with coincident elevated levels of gold, arsenic, silver, copper and lead, occurring within a felsic volcanic pile indicates the potential for primary VMS (Volcanic Massive Sulphide) mineralisation at depth. The presence of pervasive pyrite alteration, typically proximal to such mineralisation, and coincident EM & IP anomalies suggests the potential presence of base metal mineralisation.
Goldfields Lithium Alliance (CAZ 50%, LIT 50%)
Cazaly and Lithium Australia Limited (ASX: LIT) have an agreement to combine their respective holdings for the exploration and development of pegmatite minerals including lithium minerals in the Goldfields region of Western Australia (the Goldfields Lithium Alliance (the Alliance).
The agreement includes offers the Alliance rights to pegmatite minerals over any existing or additional ground secured within a 100km radius of Kalgoorlie for an initial period of 5 years. The Alliance includes LIT’s rights to the Coolgardie Rare Metals Venture (CRMV). The CRMV is a LIT initiative with Focus Minerals Limited (ASX: FML) and includes the historic lithium production centres of the Lepidolite Hill and Tantalite Hill mines.
Under LIT’s terms of its agreement with FML, LIT has the rights to all metals derived from pegmatites on the property and will free-carry FML a 20% interest until a decision is made to commit to feasibility. Under the Alliance agreement CAZ will not be liable for any costs associated with metallurgical testwork or feasibility studies for the CRMV which are to be borne solely by LIT.
Teutonic Base Metal Project (CAZ 30%, MNE 70%)
The Company is in joint venture with Metallum Limited (ASX: MNE) over the Teutonic project which comprises exploration licence 37/1037 located north of Leonora in the eastern goldfields of Western Australia. Reprocessing of historic data by MNE highlighted a number of discrete anomalies within the same stratigraphy hosting the Jaguar and Bentley VMS base metal deposits located ~20km to the north. Recent EM by MNE delineated a 350m long conductor called Mustang in the area. Follow up work by MNE, announced on 23 May 2017, reported preliminary results from a MLEM geophysical survey which identified several prospective bedrock conductors occurring within the target stratigraphic horizon which contains the Mustang conductor. The results further confirm the prospectivity of the Teutonic Project to host base metal mineralisation similar to the deposits to the north.
Park Range Iron Ore (CAZ 100%)
During the June quarter the Company was granted an extension of its rights to commence mining at the project for a further five years to 2022 by the Minister for Environment.
The project hosts a near mine-ready iron ore deposit located in the Yilgarn of Western Australia key features of which include ultra-low phosphorous haematite ore, completed full DFS, located nearby to major infrastructure and has its key approvals to mine in place.
McKenzie Springs Nickel/Graphite (DDD 80%, CAZ 20%)
Located immediately south & along strike of the Savannah Nickel Mine (Panoramic Res), Kimberley, WA. Prospective ultramafic basal contact extends for ~15km. Limited historic work, High grade gossan samples returned 12.8% Cu, 1.92% Ni, 0.17% Co.
Czech Republic (CAZ 80%)
Two uranium project applications, Brzkov & Horni Venice, located in the Czech Republic. State enterprise Diamo are closing the country’s only operating uranium mine & has indicated interest in mining at Brzkov.