The Mt Squires project looks like the last remnant of the pre 2014 phase of Cassini's exploration in the Musgrave area.
This map shows the status as of tenements as of the 2014 Nebo Babel/WMP acquisition
Mt Squires is on Exploration licence(s) which have statutory life spans with set reductions. Not certain what has happened but the 5+ years of these licenses have not triggered these provisions. A question for the company or further research later.
Not much work has been done by CZI in recent years, wisely so with focus on N-B, so the existing data are mostly summarised in this diagram. Soil geochem and limited drilling most of which seems to be around HandPump where outcrop and soil geochem gave very obvious targets that warranted highest priority first pass follow up.
Results are interesting for Handpump, but do they warrant significant follow up at this stage?
There appear to be discrete structurally controlled zones of mineralisation at low to moderate grade within a favourable unit.
With all results from the current program they will have to decide what, if any, further drilling to do.
The drilling has been focused on one small area of Mt Squires and shows there is definitely gold mineralisation present. There are untested targets along strike and possible extensions of One Tree Hill stratigraphy and ?magnetics onto the tenement(s) so IMO calls to flog the property off are premature.
The very blurred magnetic imagery on the Handpump trend ( and elsewhere on this image) will be re tested with state of the art airborne magnetics which may add more targeting information.
There are two drill holes shown west of One tree Hill on the Mt Squires tenements. Perhaps they tested the magnetic anomaly shown on this map or a new interpretation of result may be possible in light of more recent drilling.
Not easy for exploration companies to walk from ground they have invested resources in over the years. Difficult decisions do need to be made, which for Mt Squires will come once the magnetics and final drill results are in. IMO there will be valid exploration targets remaining. How high a priority these are relative to what is needed at N-B, and cash in hand after they do some drilling at Yarrawindah will be interesting to find out.
Tenure may be an issue. I would be surprised if CZI can keep 100% of these tenements for too much longer before surrendering part or the whole under existing rules. Part of the exploration here may be required expenditure to maintain the claims for a further period. 50% surrender is usually the first phase and can be a tough choice when not enough work has been done.
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Still Sunday PM where I am so this classes as weekend musings.
