CGN Resources set for busy 2024 at Webb project with first drill results imminent
Cashed-up CGN Resources (ASX: CGR) is preparing to step up exploration activities at its Webb project in the “hot” West Arunta region of Western Australia.
The company has now received core samples from recent drilling at the project’s Tantor target.
CGN completed a maiden drilling campaign at the Western Australian government co-funded Tantor target in late November with a maiden drill hole intersecting multiple newly-discovered ultramafic sills.
A technical team subsequently processed the core and submitted a suite of samples for multi-element analysis with first results expected in early January.
A busy year ahead
In the meantime, CGN is preparing for an extensive 2024 exploration program that will include ground gravity and induced polarisation (IP) surveys at the Tantor, Surus, Snorky and Horton targets, along with an electromagnetic (EM) survey at Shep and a combination of reverse circulation (RC) and diamond core drilling across the company’s six principal targets.
“The 2023 programs are now completed and it’s very exciting to have the samples from our maiden drill program in at the lab,” managing director Stan Wholley said.
“We have submitted a suite of samples from throughout the hole for analysis with a focus on the ultramafic lithologies intersected in the upper half of the hole. We anticipate receiving the laboratory results by early January 2024.”
“The team is keen to see the results and how they will guide our targeting strategies for the upcoming programs.”
“Our focus now is on the detailed planning for our substantial 2024 exploration campaign. We are fortunate to be fully funded to complete a series of high-impact exploration programs which will include ground-based gravity, IP and EM surveys followed by RC and diamond core drilling.”
“It is going to be an action-packed year ahead as we look to deliver on the plans we outlined in the recent IPO.”
Prime location
Webb is situated within the West Arunta Orogen, one of Australia’s most active exploration districts currently experiencing high levels of interest.
Webb is surrounded by prominent mining corporations and ambitious exploration companies including WA1 Resources (ASX: WA1), the Rio Tinto (ASX: RIO)-Tali Resources joint venture, Encounter Resources (ASX: ENR) and IGO (ASX: IGO).
With heritage clearance programs at Webb successfully wrapped, CGN is finalising detailed planning for a high-impact 2024 exploration campaign.
Contracts for ground geophysical surveys have been awarded and are planned to commence in late February 2024.
The company also expects to award geophysical and drilling programs contracts in the coming month.
Drilling plans taking shape
CGN expects to refine the final drill locations plans with ground-based geophysics by the end of March before mobilising an RC rig in Q2 to drill pre-collar for Surus diamond hole.
That hole is partially-funded by a government grant to the tune of $220,000.
The RC rig will then complete programs at Shep and Hathi, followed by pre-collars at other iron oxide-copper-gold targets at Snorky and Horton.
The diamond rig is planned to arrive after completion of the pre-collars and will commence at Surus before potentially moving onto the Tantor, Snorky or Horton prospects.
CGN Resources has already demonstrated the potential for diamondiferous kimberlites at Webb, discovering the largest kimberlite field in Australia.