CGR - CGN Resources

[System]

CGN Resources holds an 86% interest in six granted exploration licenses and two pending applications for exploration licences which comprise the Webb Project.

The Webb Project is a substantial 948 km2 package of tenements in the prospective West Arunta Region of Western Australia. Increased exploration activity and highly encouraging results from near neighbours WA1 Resources Ltd (ASX: WA1), Rio Tinto Group (ASX: RIO), IGO Ltd (ASX: IGO) and Encounter Resources Ltd (ASX: ENR) have highlighted the prospectivity of the region.

Key highlights for the Webb Project include:

(a) a large contiguous land package covering the highly prospective West Arunta region for copper, nickel and rare earth elements in Western Australia;

(b) highly anomalous copper (up to 0.23% Cu), nickel (up to 1.15% Ni) and rare earth elements (up to 0.71% TREO) values intersected in previous diamond-focussed exploration drilling;

(c) multiple drill-ready iron oxide copper gold (IOCG) targets based on geological and geophysical surveys;

(d) substantial range of targets including IOCG, magmatic nickel, carbonatite and diamonds;

(e) highly experienced Board and management in mineral exploration; and

(f) the recent discovery of major metalliferous carbonatites by WA1 Resources and Encounter Resources demonstrates the potential of this region to host mineralised systems.

It is anticipated that CGN will list on the ASX during October 2023.

CGN Resources | Unlocking the Potential of the West Arunta Region

CGN Resources is a dedicated exploration company targeting a discovery of copper, nickel and specialty metals in the West Arunta Orogen in Australia. Our mission is to deliver value to our shareholders through disciplined and sustainable exploration leading to a major discovery.

www.cgnresources.com.au

 

[Dona Ferentes]

Listing date	18 October 2023 ; 12:00 PM AEDT ##
Company contact details	https://www.cgnresources.com.au/ Ph: 61 8 9226 0085
Principal Activities	Mining & Resources
Issue Price	AUD 0.20
Issue Type	Ordinary Fully Paid Shares
Security code	CGR
Capital to be Raised	$10,000,000
Expected offer close date	15 September 2023
Underwriter	Not underwritten. Oracle Capital Group Pty Ltd and 708 Capital Pty Ltd (Joint Lead Managers).

 

[Dona Ferentes]

CGR has a 948km2 land position in the West Arunta and came onto the market with a $12m enterprise value at the 20 cents/share IPO price. Its ground is situated due south of WA1 Resources (ASX: WA1), which now has a market capitalisation of $526m following some recent hits at their Luni prospect.

The key prospects are Tantor and Surus, which are defined by coincident geophysics and geochemistry.

since listing

 

[Dona Ferentes]

Six priority targets. First DD hole commenced at Tantor

Tantor (IOCG)
• 2 km x 1km coincident gravity and magnetic anomalies adjacent to major structure

Surus (IOCG)
• 3 km x 2km gravity anomaly up against crustal scale structure

Shep (Ni)
• Sill-like magnetic anomaly with historical drilling intersecting 2m @ 1.15% Ni (KJ193)

Hathi (REE)
• 37m @ 0.38% TREO (W14RC045) in previous exploration targeting diamonds
• Adjacent to large magnetic features similar in scale to WA1 targets

Snorky & Horton (IOCG)
• Discrete gravity anomalies adjacent to elevated Cu & Co in surrounding drillholes along major NE-SW structural corridor

 

[Dona Ferentes]

and ... bowled a maiden over

CGN Completes Maiden Drilling at Tantor and Secures Heritage Clearance for 2024 Exploration Programs

.
Highlights:
- Maiden drillhole at Tantor complete intersecting multiple newly discovered
ultramafic sills.
- pXRF results provide elevated nickel values to be followed up with lab assays
- Adjacent magnetic target at Tantor remains untested.
- Ultramafic units provide further support for Shep nickel target.
- Secured heritage clearance for all 2024 programs.
- Major drilling and geophysical programs at IOCG, Ni & REE targets planned for 2024.

 

[Dona Ferentes]

A week ago :

Question 1: ? Response: No
Question 2: Not applicable
Question 3: If the answer to question 1 is “no”, is there any other explanation that CGR may have for the recent trading in its securities?
Response: The Company is anticipating the commencement of drilling in early April, with the Surus IOCG target to be the tested first followed by the Shep IOCG target. Refer ASX Announcement dated 20 March 2024 “CGN Resources Set for Drilling After Compelling Geophysical Survey Results”.
Question 4: ... Response: The Company confirms that it is complying with the Listing Rules, particularly Listing Rule 3.1

.
and today

 

[Dona Ferentes]

and following from the ASX query, ....today:

Highlights:
- Surus diamond drill hole completed to 708m.
- Full $220k EIS funding grant expected in June.
- RC drilling underway testing the Shep nickel target area
- Completing earthworks for the Hathi rare earth elements target

CGN Resources advises that the diamond hole at the Surus target is complete. The hole was completed to 708m and encountered a thick sequence of interbedded carbonate rocks, siltstone, mudstone, and chert interpreted to be the Bitter Springs Formation. A thick sequence of intensely folded interbedded sulphate-bearing evaporites and organic-rich siltstone and mudstone with graphitic layers was intersected from 415 –558m. It is interpreted that this feature is the source of the density and conductive /chargeable anomalies. The core will be transported to Perth where sampling will be completed for assaying.

The Company is now focused on completing RC drilling at the Shep nickel target and Hathi REE . At Shep, the holes are testing the area around W14RC009 that intersected 2m at 1.18% Ni within a 30m partially sampled zone of anomalous nickel results (announcement 1 Nov 2023).

Following this work, the rig will mobilise to Hathi to test magnetic features adjacent to hole W14RC045. This hole intersected 37m at 0.38% TREO (announcement 1 Nov 2023). The RC rig will then complete pre-collars for diamond drilling at the Snorky and Horton IOCG prospects later in the year.
.
(moving on quickly)

 

[Dona Ferentes]

feel free to fall .. down 20 per cent

Exploration Update Webb Project -RC Drilling Complete
Highlights:
• Drilling programs completed at Shep and Hathi.
• Favourable mafic / ultramafic lithologies intersected in multiple holes at Shep.
• Hole testing largest EM target at Shep intersects 50m sulphide zone with carbonate veins and hematite alteration.
• Felsic and mafic intrusive rocks detected at Hathi.
• Priority samples dispatched for analysis.