CGN Resources (ASX:CGR) has secured $213,000 in Western Australian Government funding to advance diamond drilling at its Webb Project.
The company secured the grant under Round 34 of the Exploration Incentive Scheme (EIS) to drill the high-priority Elmar 1 gravity target. Elmar 1 sits within CGN’s 961km2 Webb Project in WA’s West Arunta region.
Elmar 1 represents a ‘large-scale’ exploration opportunity, characterised by a strong gravity anomaly, a coincident magnetic response, and a favourable structural setting.
The target displays geophysical characteristics comparable in scale and intensity to significant targets elsewhere in the West Arunta. One such target is the Luni Carbonatite discovery area.
Recent geochronological studies have identified older Proterozoic rocks in the northern Webb Project area that are similar in age to those hosting the Luni and Green deposits in adjacent tenure to the north.
Managing Director Stan Wholley says the grant recognises the quality of exploration opportunities identified across the project.
“Elmar 1 is a particularly exciting target. It is a large, compelling geophysical anomaly situated in a favourable structural and geological setting, with characteristics that compare favourably to significant mineral system targets globally and elsewhere in the West Arunta,” Wholley notes.
The target occupies a favourable structural position adjacent to major ‘regional-scale’ structures, which are interpreted as potential plumbing systems for mineralisation within the province.
The EIS-supported diamond drilling program aims to investigate the source of the geophysical anomaly, establish underlying geology, and assess potential for significant mineralisation.
The company says this marks its fourth successful EIS grant for the Webb Project.
CGN Resources is an Australian explorer advancing copper, gold, nickel, and critical metals projects.
Write to JC Villarba at Mining.com.au
Images: CGN Resources
