Creasy-backed Coziron buys Creasy-owned Pilbara gold project
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Mark Creasy-backed Coziron has bought up further Pilbara land in the hunt for conglomerate gold — from its biggest shareholder, Mr Creasy.
Coziron (ASX:CZR) acquired a 70 per cent stake in the Croydon Top-Camp gold project owned by The Creasy Group, which holds 72.5 per cent of Coziron (at September 11).
Mr Creasy has been credited with some of Australia’s biggest mineral discoveries such as the gold potential of Western Australia’s Yandal belt, including the Jundee and Bronzewing mines. He also recently became the biggest shareholder of base metals play Myanmar Metals with a 16 per cent stake.
Croydon covers some 317 sq km of ground in the central Pilbara. It’s in a good neighbourhood for conglomerate gold, only 30km south of De Grey Mining’s Loudens Patch and 40km west-southwest from the Becher gold discovery.
What’s of particular interest is the project has 25km of mapped basal contact of the Mt Roe Basalt which is prospective for “melon-seed” gold nuggets in Witwatersrand-style conglomerate.
Mt Roe Basalt is a volcanic rock formation in the Pilbara’s Fortescue Basin which is known to host Witwatersrand-style conglomerate gold and lithium.
The Witwatersrand Basin is South African geological formation that houses the world’s biggest known gold reserves, producing 2 billion ounces or about half of gold ever mined.
There are also prospects for bed-rock gold within the project at Top-Camp and Middle Valley prospects.
Top-Camp has seen significant prospector activity including soil and auger results showing gold to 13 grams per tonne.
Middle Valley prospect has anomalous soil and rock-chips from veins reporting gold to 28 grams per tonne.
Coziron chairman Adam Sierakowski said the acquisition complemented its existing Shepherds Well and Yarrie gold prospects in the Pilbara.
“These projects collectively give the company a significant land position and exposure to the basal contact of the Fortescue group in the Pilbara and reflects the continued support provided by its major shareholder Mark Creasy,” he added.
Despite the news, Coziron finished Wednesday 3 per cent lower at 3.1c, capping the company at $54.3 million.