Goongarrie Gold Project Yields 56g/t Assays; $2.4M Cash Supports Expansion
Cazaly Resources reports strong gold assay results at its Goongarrie Gold Project, confirming mineralisation over a 700m strike and prompting an expanded aircore drilling program. The company maintains a solid cash position of $2.4 million as it advances multiple exploration fronts.
- High-grade gold intercepts at Duke of York and Duchess prospects
- Initial aircore drilling confirms gold mineralisation over 700m strike
- Expanded 8,000m aircore drilling campaign planned following successful initial results
- Romano Gold Project positioned near Goldfields’ Gruyere mine with significant potential
- Quarter-end cash balance of $2.4 million with $457k spent on exploration
Strong Gold Assay Results at Goongarrie
Cazaly Resources Limited (ASX – CAZ) has delivered encouraging exploration results from its Goongarrie Gold Project in Western Australia. Recent reverse circulation (RC) drilling at the Duke of York prospect returned anomalous gold intercepts, including standout one-metre assays exceeding 40 grams per tonne (g/t) gold. These high-grade quartz vein-hosted mineralisations plunge steeply south, reinforcing the prospect’s potential for both open pit and underground development.
Complementing these findings, the newly identified Duchess prospect, located 300 metres southwest of Duke of York, exhibits gold mineralisation associated with broader shear zones and pervasive alteration. This discovery highlights the project’s capacity to host multiple styles of gold deposits, broadening its exploration appeal.
Aircore Drilling Validates and Extends Mineralisation
Initial aircore (AC) drilling, although curtailed by heavy rainfall, successfully confirmed gold mineralisation exceeding 1 g/t over a 700-metre strike length. Notable intercepts include 3 metres at 2.11 g/t and 2 metres at 4.27 g/t gold, extending the known mineralised corridor from the Star of Goongarrie workings northwards past Duke of York. Encouraged by these results, Cazaly plans an expanded 8,000-metre AC drilling program commencing in early November to further delineate targets along the Menzies shear corridor.
Strategic Project Portfolio and Exploration Progress
Beyond Goongarrie, Cazaly holds a commanding 100% interest in the Romano Gold Project, strategically located immediately north of Goldfields’ Gruyere Gold Mine. Covering 760 square kilometres of prospective greenstone terrain, Romano offers significant potential for large-scale Archean gold deposits akin to Gruyere’s world-class resource.
In the Halls Creek region, the company’s copper-zinc-silver project benefits from positive scoping study outcomes, underscoring the commercial viability of its Mount Angelo North and Bommie deposits. Joint ventures with AuKing Mining and Cobalt Blue Holdings aim to advance development options.
Financial Position and Outlook
For the September quarter, Cazaly reported exploration expenditure of $457,000, primarily directed at Goongarrie, with net cash outflows of $266,000 from operating activities. The company ended the period with a healthy cash balance of $2.4 million, providing a solid runway for ongoing and expanded exploration programs.
While no production or revenue has yet been reported, the combination of high-grade assay results and strategic land holdings across Australia, Namibia, and Canada positions Cazaly as a compelling junior explorer with multiple avenues for value creation.
Bottom Line?
With high-grade gold confirmed and drilling ramping up, Cazaly’s next results could redefine Goongarrie’s potential.
Questions in the middle?
- How will the expanded aircore drilling reshape the understanding of mineralisation continuity at Goongarrie?
- What are the timelines and prospects for environmental approvals impacting the Namibia REE project?
- How might Cazaly leverage its strategic proximity to Gruyere to accelerate resource development at Romano?