CGN Resources sets sights on 2024 for Webb project advancements
CGN Resources (ASX: CGR) is all set to follow up its recently-completed maiden drilling program at the Webb project in northern Western Australia with permits received for a new round of exploration work.
The Webb project is considered to be highly prospective for nickel sulphide and iron oxide copper-gold-style mineralisation.
Having successfully undertaken a heritage clearance survey, the company has also signed geophysical contractors for the upcoming 2024 exploration campaign commencing in late February.
CGN says it is also well-advanced on discussions with its preferred drilling contractors.
Preparations for the 2024 program follow a highly-active December quarter that saw CGN complete the maiden Webb drilling program.
In early October, CGN mobilised a diamond coring rig to the site to test its Tantor gravity target.
Drilled to a depth of 555.5m, the hole intersected a sequence of carbonate-rich rocks with subsequent geochemical test work confirming the presence of newly-discovered ultramafic sills.
The Tantor drilling was partly funded by a WA Government Exploration Incentive Scheme grant of which CGN has already secured the $158,000 first tranche, with the remaining $40,000 expected in February when the company finalises its agreement requirements.
Multi-element potential
CGN now plans to further explore these new rocks to assess if they have economic potential.
The results were also in line with what had been reported previously and contained elevated nickel, vanadium and titanium results.
In preparation for the upcoming exploration campaigns, CGN has already cleared areas for ground-based geophysics (gravity, induced polarisation and electromagnetic) as well as 73 drill sites covering its six priority target areas at Surus, Tantor, Snorky, Horton, Shep and Hathi.
The cleared holes have been planned to allow CGN to upscale programs this year should it have early success in drilling at any of these priority targets.
Expanded exploration footprint
The potential already identified at Webb had seen CGN apply for an exploration licence comprising four graticular blocks on the southern margin of the project tenure.
This increases the company’s land holding from 948 sq km to 960.64 sq km.
The tenement directly abuts the current project area and contains some interesting magnetic features that will be reviewed in more detail as part of the plan to explore this region.
New appointment
The December quarter also saw CGN name James Potter as exploration manager.
Mr Potter, a highly-regarded and experienced exploration geologist with a strong track record of discovery, will be responsible for running the technical aspects of the exploration at Webb and assisting with overall management of the company as CGN implements its ambitious exploration activities in 2024.