Caeneus Minerals awaits Robert Hill drilling assays, begins review of Nevada lithium assets
Around 5,181 drill samples, anticipated to provide geological understanding of the Robert Hills Project, have been submitted for geochemical analysis.
Caeneus Minerals is set to receive assay results from recent air core drilling at the Roberts Hill Project in Western Australia’s Pilbara region between mid-December and mid-January 2022.
The company said it remains confident that the revised timing update will be achieved in order to understand the geological potential of its strategic asset, within 5km of the Hemi Project owned by De Grey Mining Ltd (ASX:DEG).
Caeneus (ASX:CAD) highlighted that analytical laboratories Australia-wide are currently overloaded with assay assignments, however it continues to work with the laboratory to ensure urgency and priority, noting there are a record number of exploration companies seeking to expedite drilling assays.
CAD chairman Davide Bosio said: “Roberts Hill has progressed rapidly since we obtained our heritage approval in August this year.
“We have boosted our technical team in anticipation of these results and the commencement of subsequent activities once we have a clear understanding of the geological outcomes.
“All explorers are experiencing frustrations at present as a result of long wait times for results; however we have a number of targets to work through and remain optimistic about the future”.
Once the assays are received from the program, a new Program of Work (POW) will be submitted for further drilling at Roberts Hill.
At this stage, the CAD anticipates additional exploration drilling to start in the first quarter of 2022.
Caeneus has appointed Charles Armstrong as senior geologist in the technical team.
Armstrong has more than six years’ experience with significant exposure to gold exploration and the CAD board is delighted to have attracted a person of his calibre.
Given the current strength in lithium prices and associated companies, CAD has received several proposals to potentially sell or spin-out these assets.
The board is reviewing these options with a view to maximising value for all shareholders and expect to provide an update on this strategy before the end of 2021.
This article was developed in collaboration with Caeneus Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.