Cazaly Resources (ASX:CAZ) reports diamond drilling has commenced at the Vanrock Project located in central north Queensland.
The diamond hole is planned to an approximate depth of 500m to test a coincident magnetic and airborne EM anomaly, the Vanrock Target, located on the edge of a palaeo-caldera located on the edge of the the Townsville-Mornington Island Igneous Belt (TMIB), which extends over 700km from Townsville to the Gulf of Carpentaria.
Cazaly entered into an agreement with privately held Lynd Resources to acquire a majority stake in the Vanrock project based upon the terms outlined in the ASX announcement dated 20 July 2022.
The project is considered to have potential for Andean-type silver–tin–zinc–copper–lead mineralisation
The project is considered to have potential for Andean-type silver–tin–zinc–copper–lead mineralisation.
Cazaly reports that polymetallic discoveries have been made undercover by Gold Aura, now Crater Gold Mining (ASX:CGN), at the A1 and A2 prospects located to the southwest of the project, near Croydon where massive sulphides were intersected.
Widths vary from 2-13m downhole containing potentially economic concentrations of Zn (1.35 to 10.13%), Ag (32.7 to 642g/t), Sn (0.12 to 0.63%) ± Pb (0.25 to 2.1%) and/or Cu (0.13 to 0.57%).
Preliminary results have been received for an airborne Electromagnetic (EM) survey completed in early August across the Vanrock Project using XciteTM, a high-resolution helicopter borne time domain electromagnetic and magnetic survey system.
Eight lines were completed in total for 40km on a 500m line spacing.
Some 4 lines were completed across the Vanrock target, and 4 lines were completed across a lookalike target on EPM27085 located 10km to the southeast of the Vanrock Target.
The Xcite survey was completed to provide more detail on the original airborne EM anomaly identified by Geoscience Australia. Final survey data and interpretation is pending.
Commenting on the drill works, Cazaly Managing Director Tara French stated: “It’s a very exciting time for Cazaly, the targeted style of deposit at Vanrock is akin to the Cerro Rico silver-tin deposit in Bolivia, a late-stage intrusion along the ring fractures of a large caldera.
The Cerro Rico deposit contains 5 billion ounces of silver and 1.5 million tonnes of tin, making it one of the world’s largest silver-tin deposits. We expect drilling the single diamond hole will take a week to complete, weather dependant.
If the hole is successful and the targeted analogy is on point, the mineralisation and alteration in drill core should be visually spectacular.”
Write to Adam Orlando at Mining.com.au
Images: Cazaly Resources Ltd
