Gold: Has Creasy-backed Coziron found something in the Pilbara?
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Pilbara gold explorer Coziron Resources (ASX:CZR) is in a trading halt pending the release of assay results from the Croydon Top Camp drilling program.
Yesterday the $24m market cap Coziron nudged ~10 per cent higher on unusually high volumes. Now we (possibly) know why.
The company wrapped up a 2600m, 13-hole drilling program at Croydon’s 1km long Top Camp prospect in December.
Coziron previously said that Top Camp had a long history of small-scale eluvial (surface mineralisation near point of formation) and alluvial (transported by rivers) gold production.
The 200m-deep drill holes targeted both the broad zones of anomalous (low-grade) gold in soils and the ‘fault’ structures that appear to be the source of gold nuggets being recovered by prospectors using metal detectors.
Legendary prospector Mark Creasy — through his private vehicle Creasy Group — has a 62.58 per cent stake in Coziron and a 30 per cent stake in the Croydon gold project in the Pilbara region of WA.
Creasy Group also has a major holding in Legend Mining (ASX:LEG), which went on a massive run in December after potentially uncovering the next Nova-style nickel-copper discovery in WA’s Fraser Range.
The trading halt will last until the company releases the announcement, or the start of trading next Tuesday. Coziron was contacted for comment.