October 19 2017 UK: +44 (0)207 989 0813 NA: +1 646 896 3065 AU...

October 19 2017
UK: +44 (0)207 989 0813 NA: +1 646 896 3065 AU +61 2 9222 2832 action@*.comuk.*.com

Caeneus Minerals joins the search for conglomerate hosted gold in Pilbara
Caeneus Minerals Ltd (ASX:CAD) is acquiring the rights to key Pilbara Craton projects, joining the search for gold mineralisation associated with outcropping Witwatersrand style conglomerates.
These conglomerates are similar to Novo Resources Corp's (CVE:NVO) Purdy's Reward prospect and De Grey Mining Ltd's (ASXEG) Loudens' Patch in the Pilbara region.
Caeneus is acquiring the Roberts Hill, Mt Berghaus and Yule River projects combining 490 square kilometres of new tenure overlying the highly sought after Mallina Formation.
Pilbara conglomerate gold rush
The Pilbara region of Western Australia is currently experiencing a new gold rush for gold deposits associated with conglomerate rocks.
Conglomerates contain mostly rounded pebbles and cobbles of quartz and other rocks laid down in streams or river beds.
The best-known conglomerate gold deposit in the world is the Witwatersrand of South Africa that has produced >1.5 billion ounces of gold, more than one third of all of the gold produced on Earth.
Recent exploration by Novo Resources at Comet Well and Purdy's' Reward has discovered gold bearing conglomerates with many gold nuggets.
De Grey has recently discovered a gold-bearing conglomerate with the conglomerate appearing to be in either the Louden Volcanic Member or the Mallina Formation.
Reconnaissance exploration commences
Caeneus has commenced reconnaissance field mapping for various gold formations including mapped metamorphosed conglomerates.
There are 30 kilometres of untested structural splay faults in the new tenement with similar settings to the Indee and Turner River gold projects.
These fault splays have historically only been tested during diamond exploration programs and are known to host numerous gold deposits just a few kilometres away.
Low cash outlay acquisition
Caeneus has entered into an agreement to acquire 100% of the issued capital of the vendor Mt Roe Mining Pty Ltd by paying $45,000 in cash, payable on execution of the share purchase agreement.
The company will also issue 515 million shares (worth circa $1 million based on current share price) at settlement following satisfaction of all conditions precedent to the acquisition.
The acquisition terms also include the issue of 515 million unlisted options and deferred consideration based on achieving milestones.
Although Caeneus has branched out into gold exploration it remains committed to the pursuit of economic lithium mineralisation in Nevada, U.S.