Cauldron Energy (ASX:CXU) has identified significant silver and anomalous copper and lead values following reconnaissance drilling at its Marree project in South Australia.
In total eight reverse circulation (RC) holes were drilled totalling 898 metres of drilling.
Geochemical analysis, geological mapping and drill and rock chip samples indicate multiple mineralised alteration systems with potential for multiple deposit types including carbonate hosted breccia and carbonate altered fractures of Pb-Ag-Cu and sedimentary exhalative mineralisation of Pb-Ag.
Cauldron has also identified new targets in large complex alteration zones prospective for multiple styles of mineralisation with gravity survey showing a western extension to the highly prospective historical Ooloo Mine buried under cover.
Future priorities include geochemical sampling targeting geological contacts and carbonate alteration zones; reprocessing historical 2D inverse polarisation geophysics data in Ooloo region with 3D technology.
It is also planning additional geological and structural mapping to identify alteration zones and favourable structures.
Cauldron had a cash balance of $2.7 million at the end of last quarter.
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