some people say we are very similar to WA1. Here are some facts.
WA1
SOI 44.8m
IPO price 20c
Listed on ASX – 9th Feb 2022
MC $9m
Cash ~4.6m
Management 18%
CGR
SOI 110m
IPO price 20c
Listed on ASX – 18th Oct 2022
MC $22m
Cash $10m
Management 6%
General information:
The West Arunta Orogen contains known IOCG -style mineralisation and anomalism , has intrusives typically associated with IOCG deposits and contains major structural features and a complex deformation history – elements similar to other known IOCG provinces
▪ Important genetic relationship between existing provinces and the West Arunta:
▪ Similarly evolved/fractionated metaluminous, A -Type granites
▪ Similar oxidation state (i.e. oxidised to strongly oxidised) → important for ore elementcompatibility
▪ District is at a continental -scale triple point junction → favourable geodynamic setting
▪ District is a transcrustal intersection of the NS Lake Mackay Fault (LMF) and the EW Central Australian Suture (CAS)
▪ Identified as prospective for large mineral systems in 1995, but remains extremely under -explored
IOCG deposits are generally characterised by their gravity and magnetic properties which differ to the surrounding host rock due to variations in the extent and mineralogy of iron alteration. Geophysics are therefore often the initial exploration tool used to target IOCG deposits.
WA1 keys announcements:
10th March 2022 - GRAVITY SURVEY IDENTIFIES SIGNIFICANT NEW ANOMALY
Luni is a discrete east-trending strong amplitude gravity anomaly with a semicoincident magnetic anomaly high that is comparable to Iron-Oxide CopperGold (IOCG) deposits such as Prominent Hill in South Australia
“Recent gravity surveying over the northern portion of our Sambhar prospect area has identified a significant new anomaly now called the Luni target. The Luni target area is approximately 2km x 0.5km in size, which in conjunction with its structural position and partially reduced magnetism, makes for an exciting, potentially hematite dominated IOCG exploration target. It is these sorts of IOCG exploration targets which have the potential to produce a meaningful discovery. “The results of this gravity survey once again demonstrate how detailed geophysical surveys may define important new deposit-scale anomaly targets which are not observable in regional survey datasets.
18th August 2022 – Drilling Update
Preliminary observations are highly encouraging with significant zones of hematite alteration and trace-sulphides observed, consistent with the model for an iron-oxide copper-gold (IOCG) style mineralised system
26th Oct 2022 - DISCOVERY OF NIOBIUM-REE MINERALISED CARBONATITE SYSTEM
First drillhole at the P2 geophysical target (at the Pachpadra Prospect area) has discovered a mineralised carbonatite system - Significant mineralisation confirmed in drillhole PARC003
16th Nov 2022 - DISCOVERY OF A SECOND NIOBIUM-REE MINERALISED CARBONATITE SYSTEM AT LUNI
Luni Target - First drilling of the Luni target has confirmed the discovery of a new NiobiumREE mineralised carbonatite system - Luni is located 30km from the P2 target and is the second significant discovery made in WA1’s maiden drill program in the West Arunta - The Luni geophysical anomaly extends for ~3km with highly anomalous niobium, rare earths and phosphorous mineralisation confirmed in all three holes which are located up to 1.3km apart
The Luni target is characterised by a discrete, high amplitude gravity anomaly with a limited but coincident magnetic response occurring adjacent to the eastern line and another between the west and east drill locations
Gravity surveying of Luni is currently limited to 400m x 400m stations, while the Luni target area is approximately 3km x 1km. An infill gravity survey, along with drilling and other geophysical surveys, will be incorporated into the exploration planning that is currently underway to follow-up these initial drilling results. The significant gravity anomalies at Luni has been reinterpreted and modelled to potentially be a function of the denser carbonatite intrusion
the IP survey at the Surus target has provided compelling evidence of a large chargeable and conductive body coincident with the gravity anomaly, corroborating the Company’s exploration model and underscoring the potential of the upcoming deep diamond drilling.
The Surus target area is approximately 3km x 2km in size.
The Surus target is a large, regionally significant gravity anomaly adjacent to major a crustal feature that splays off the Central Australian Suture. The recent IP survey also suggests chargeable and conductive rocks are present coincident with the gravity anomaly. The attributes are consistent with geophysical features seen in other IOCG systems in Australia and globally. Additionally, the site’s proximity to niobium-rich carbonatite discoveries by WA1 Resources (WA1) and Encounter Resources (ASX: ENR) introduces the possibility that the anomaly may represent a carbonatite body.
CGR's announcement on the 19th March 2024, is very similar to WA1's first announcement in March 2022!!
Both had compelling and significant gravity anomalies which were large in size!
Our next announcement will be that drilling has commenced and then a drilling update on the completion. Hopefully something similar to WA1 in August 2022 - Preliminary observations are highly encouraging with significant zones of hematite alteration and trace-sulphides observed, consistent with the model for an iron-oxide copper-gold (IOCG) style mineralised system.
WA1 were looking for an IOCG deposit but assays came back showing they had found two carbonatite systems (Rareearths / niobium).
I will be happy for CGR to have any type of discovery - IOCG or Rareearths!
Good luck everyone. There is potential across all 6 targets.
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