Cazaly Resources picks up gold-prospective ground in the Pilbara
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Cazaly Resources (ASX:CAZ) has added to its suite of Australian exploration projects with the acquisition of gold tenements covering 2,600sqkm of WA’s Ashburton Basin.
Host to several historic goldfields, the Ashburton Basin in WA’s Pilbara region includes Northern Star Resources (ASX:NST) Paulsen’s gold deposit and Kalamazoo Resources’ (ASX:KZR) recently-acquired Mount Olympus gold deposit.
The company’s tenements cover 80km of strike length in the Baring Downs Fault, a recently recognised and barely explored, deep-seated mantle tapping structure.
Cazaly Resources has an option over the Channing gold prospect and surrounding exploration licence, and recent exploration by the company in the area found nuggetty gold bearing rock.
The company is assessing existing exploration data and previous work in the Baring Downs Fault area and will continue to assess the discovery, before embarking on further exploration.
The Baring Downs Fault in the Ashburton Basin is interpreted by Geoscience Australia and the Geological Survey of WA as a major conduit for potentially mineralising fluids.
Gold mineralisation in the Baring Downs Fault shows a close relationship with the Nanjilgardy fault at the northern end of the Ashburton Basin which contains the Paulsen’s, Belvedere and Mount Olympus ore bodies.
Exploration in the Baring Downs Fault for diamonds in the 1990s reported several kimberlite and lamproite intrusions in the area, the presence of which suggest deep-seated, major mantle tapping structure.
Cazaly Resources has an expansive exploration portfolio that includes its Kaoko copper-cobalt project in Namibia and the Parker Range iron ore project in WA’s Yilgarn region.
Resources companies could benefit from budget measures by the Treasurer this week to incentivise capital spending.