Caeneus to imminently drill historic nickel project with big plans afoot chasing further gold hits at ‘standout’ Roberts Hill Pilbara project
Caeneus is preparing to launch into nickel exploration at its Pilbara Pardoo project with follow-up drilling to test five gold targets at its Roberts Hill project in Western Australia’s Pilbara region in the near future.
Maiden aircore drilling across various target zones had returned some intriguing gold hits such as 4m grading 0.42 grams per tonne (g/t) gold from 80m within an interpreted northwest trending shear zone crosscutting a sediment/granite contact.
Caeneus Minerals’ (ASX:CAD) planned 1,200m drilling will systematically test the scale and morphology of deeper sheared and mineralised bedrock intersected in previous AC drilling.
Meanwhile, the company’s program of work for resource infill and extensional drilling at its Pardoo nickel-copper-cobalt deposit has also been approved by the West Australian state government.
This is aimed primarily at upgrading the historical resource to JORC 2012 Measured and Indicated resource classifications while improving its understanding of the deposit geology and structural controls.
Earthworks and drill pad clearing for an initial 2,000m of RC drilling will begin in mid-March.
“We are excited about the future for CAD in the Pilbara. We continue to progress our gold assets and look forward to recommencing activity in the months ahead whilst in the meantime our team have done an incredible job behind the scenes preparing the Pardoo Ni-Cu-Co project for drilling and exploration,” chairman Davide Bosio said.
“Being strategically close to Port Hedland and sealed roads makes this project a standout as we progress the nickel and base metals potential for our shareholders alongside our exciting Pilbara Gold and US lithium projects.”
To fund the program of work at Pardoo and future programs in the Mallina Basin, the company has received firm commitments from sophisticated and professional investors for a $1.7m placement of shares priced at 0.5c each.
Each share includes a free attaching listed option exercisable at 1.5c on or before 31 December 2023.
Bosio and fellow director Peter Christie have together committed to acquire $300,000 worth of shares though this is subject to shareholder approval.
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.