CZR Resources Limited (ASX: CZR) is pleased to announce exploration is ramping up at its Croydon Gold Project in the Pilbara ahead of drilling in the coming quarter.The Croydon project is located in the Mallina Basin between Karratha and Port Hedland.
The region contains De Grey Mining Limited’s (DEG) Hemi gold deposit, which has an 8.5Moz resource (DEG release to ASX; 31 May 2022).The Mallina Basin has the potential to emerge as a major gold province and CZR’s Croydon project covers approximately 40km strike of the Mallina Basin, about 70km south-east of Hemi (Figure 1).
Gold mineralisation at Hemi is hosted in a series of intermediate intrusions associated with sulphide (pyrite and arsenopyrite) stringers and disseminations within brecciated and altered quartz diorites that intrude into the surrounding Archaean aged Mallina Basin sediments.
CZR Managing Director Stefan Murphy said: "CZR's Croydon project has a highly desirable address along strike from Hemi. This potential is highlighted by the strong drilling results of up to 22gpt Au achieved".Mr Murphy said the success at Hemi had thrown a spotlight on the potential for multi-million ounce gold deposits within the Mallina Basin.
Since CZR completed the last round of drilling at our Top Camp prospect in 2020, more information has come to light on the intrusion-related gold systems at Hemi, and this has allowed CZR to reassess our geological understanding and re-set our exploration model,” he said.
CZR Price at posting:
21.0¢ Sentiment: Buy Disclosure: Held
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