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- Caeneus Minerals (CAD) intersects “significant” shallow and thick nickel-cobalt-copper-lead mineralisation at the Highway deposit of its Pardoo project in WA
- Reverse circulation drilling was undertaken in April to further define the economic footprint of Highway with results received for roughly 45 per cent of the samples
- Overall, grades peaked at one per cent nickel, 0.05 per cent cobalt and 0.22 per cent copper, and indicate a mineralised system open down-dip and to the east and west
- In addition to the drilling, Caeneus’ review of historical work led to the identification of two new targets along strike from the main orebody
- Caeneus is up 14.3 per cent with shares trading at 0.8 cents at 10:39 am AEST
Caeneus Minerals (CAD) has intersected “significant” shallow and thick nickel-cobalt-copper-lead mineralisation at the Highway deposit of its Pardoo project in WA.
Reverse circulation (RC) drilling was undertaken in April to further define the economic footprint of Highway.
To date, Caeneus has received results for roughly 45 per cent of the one-metre samples sent to ALS laboratories in Perth.
Of the 14 holes, several returned significant mineralisation including anomalous palladium.
The best results to date come from hole CPRC003 which intersected an interpreted northeast-trending ultramafic banded iron formation (BIF) contact.
It also intersected up to one per cent nickel, 0.04 per cent cobalt, 0.15 per cent copper and 0.1 grams per tonne (g/t) palladium.
Hole CPRC010 also intersected high-grade cobalt and copper with up to 0.05 per cent cobalt and 0.22 per cent copper returned.
The results received to date indicate a large mineralised system that remains open down-dip and along strike to the east and west.
In addition to the drilling, Caeneus’ review of historical work led to the identification of two new targets along strike from the main orebody.
A program of works has been submitted for both targets.
“Our drilling complements and confirms the current significance of the Highway deposit whilst potentially adding value to the current mineralisation by the addition of palladium with the other metals,” CEO Robert Mosig said.
“The company now has an exciting period ahead as it evaluates the open-pit mining potential of Highway as well as continuing more exploration activities at its exciting Roberts Hill and Mt Berghaus projects in the Mallina Basin.”
Caeneus was up 14.3 per cent with shares trading at 0.8 cents at 10:39 am AEST.
