 is preparing to start an extensive drilling campaign at its Croydon gold project, located directly along strike from Northern Star Resources’ (ASX: NST) 11.2moz Hemi deposit.){kind=link}
CZR kicks off drilling
CZR (ASX: CZR) is preparing to start an extensive drilling campaign at its Croydon gold project, located directly along strike from Northern Star Resources’ (ASX: NST) 11.2moz Hemi deposit.
The company confirmed the Croydon gold discovery with limited drilling in 2019-2020 intersecting shallow high-grade gold at the Top Camp and Bottom Camp prospects.
Results include:
- 27m at 3.2g/t of gold from 135m in CRC007, including 8m at 10g/t of gold from 135m
- 8m at 1.7g/t of gold from 66m in CRC018, including 1m at 9.4g/t of gold from 66m
- 2m at 22g/t of gold from 7m in CRC021
- 5m at 3.2g/t of gold from 132m in CRC032, including 2m at 7g/t of gold from 132m
This mineralisation relates to only a small portion of the tenement area, remains open in all directions and will be pursued as part of the upcoming Reverse Circulation (RC) drilling program
CZR believes this shallow mineralisation, while highly promising in its own right, could also be a pointer to a larger intrusive-related gold system at depth, similar to Hemi.
The initial drill program will include about 180 aircore holes to test a 6km-long gravity anomaly that has not previously been drill tested and about 20 RC drill holes to test for Hemi-style intrusions and test extensions to current shallow high- grade gold mineralisation.
CZR managing director Stefan Murphy says there is clearly huge potential at Croydon but the company has not had the opportunity to pursue it due to the heavy workload associated with growing and then selling the Robe Mesa iron ore project.
“But with this deal almost completed, and with the company set to receive the proceeds of the $75m sale, we are perfectly placed to start unlocking the value of Croydon,” he said.
“We know from very limited previous drilling that Croydon hosts shallow high-grade gold mineralisation and there are also numerous targets, some defined by geophysics and others by soil anomalies.
“The Croydon tenements are extremely well positioned, only 50km along strike from the significant gold reserves at Hemi and containing ground with many similarities in both structural and geological character.”
CZR will be fully funded to explore and develop Croydon and its remaining exploration portfolio subject to completion of the sale of its Robe Mesa project.