Cauldron Energy Limited (ASX: CXU) is thrilled to announce that a recently completed Electromagnetic (EM) Survey has successfully pinpointed several potential drilling targets within the Melrose tenement. These targets are aligned along a linear trend, showing signs of magnetic and geochemical anomalies. Additionally, the vicinity of these targets to historical air-core drill-holes which have demonstrated elevated levels of nickel and copper makes them more compelling for exploration.
Highlights of the announcement include:
-
Completion of the EM Survey: The survey spanned two recently acquired areas of the Melrose tenement. It comprised a total of 361.3 line kilometres, with 105 E-W lines spaced 150 metres N-S from one another, and some portions having an infill of 75m line spacing.
-
Coincident Anomalies Identified: Figure 1 demonstrates the linear alignment of magnetic, geochemical, and now, EM targets. The evidence suggests that magnetic and geochemical signatures are indicative of mafic/ultramafic intrusive rocks, potentially rich in nickel-copper-PGE mineralisation. Moreover, the EM anomalies suggest areas where more conductive sulphides could be located.
-
Strategic Location: The Melrose Project is situated approximately 125kms north of Julimar, near the western boundary of the Yilgarn Craton. It is also a mere 15kms south of Chalice's Barrabarra Project. Notably, this makes the Melrose Project the largest Nickel-Copper-PGE prospective land-holding within the Barrabarra Greenstone Belt region of the West Yilgarn Craton. This project sits on accessible private farmland, with sealed road frontage where most of the native title has been extinguished.
-
Drilling Plans: Cauldron has immediate plans to initiate drilling to test these promising targets as soon as the agricultural cropping season concludes, ensuring seamless operations.
-
Increased Regional Interest: The West Yilgarn Craton area has recently seen a surge in activities from various mineral explorers, catching the eye of numerous investors.
Contact details:
Jane Morgan