Image Sourced ShutterStock
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Woomera Resources has acquired an 80 per cent interest in the Mt Venn gold project, located in the north eastern gold fields in Western Australia.
  • Rock chip samples and shallow drilling demonstrate positive results for potential gold and sulphide deposits.

The exploration company Woomera Resources has acquired an 80 per cent interest in Cazalay Resources Mt Venn gold operation. The project is located in the north eastern gold fields in Western Australia.

The company expects the site will be highly prospective for gold, nickel and nickel-copper-cobalt deposits. Additionally based on the identified presence of zinc, copper, lead, gold and silver in felsic volcanic, there may be volcanogenic massive sulphide deposits on site.

“The Mt Venn Project is a particularly exciting opportunity for the company, and that it is rare to secure such a large land position in an area rapidly being realised as a world-class gold district,” Managing Director, Gerard Anderson.

The Mt Venn project has two ongoing exploration licenses, which span 390km2, with over 50km in strike length.

A sampling of soil and rock chips, alongside RAB, aircore and RC drilling has identified a number of gold anomalies. Alongside high grades with assay results showing more than 200 g/t gold.

Other notable results from the project include, rock chip samples at Mount Cumming showing 8.4 g/t gold, 3.2 per cent copper and 3.9 g/t silver. And aircore drilling at the Three Bears Prospect presenting the results 12m @ 1.19 g/t gold.

Results from airborne electromagnetic surveys have identified potential sulphide deposits in the Mount Cummings and Mount Cornell projects. This was identified via a number of observed late time conductors.

The acquisition is based on the terms that Woomera gain full interest of the wholly owned Cazaly subsidiary, Yamarna West. Following this, Yamarna will transfer 20 per cent interest of the Mt Venn tenements to Cazaly. However, based on the division of tenements, Woomera said they over 90 per cent of the “dominant land position”.

WML by the numbers
More From The Market Herald
The Market Herald Video

" NRW Holdings (ASX:NWH) signs contract extension for Curragh Mine

NRW Holdings' (ASX:NWH) subsidiary, Golding Contractors, signs a $1.2 billion contract extension with Coronado Curragh, a…
The Market Herald Video

" Titomic (ASX:TTT) sells D523 cold spray systems into Australian transport industry

Titomic (ASX:TTT) sells its first four cold spray systems into the Australian transport industry.

" EML Payments (ASX:EML) collaborates with Correos to revive Spanish cultural sector post COVID-19

EML Payments (ASX:EML) has partnered with its key European client Correos, Spain's national post office network…
The Market Herald Video

" NRW Holdings (ASX:NWH) flags another string of contract wins in QLD and WA

NRW Holdings (ASX:NWH) has secured and extended a string of contracts in Western Australia and Queensland,…