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Cradle Resources identifies iron mineralisation at Wyloo Iron and Gold Project

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Cradle Resources (ASX: CXX) has commenced exploration at the Wyloo Iron and Gold Project in Western Australia where outcropping iron-enriched units have been identified.

Also, historic Monster Lode gold workings have been identified for further investigation just 15 kilometres south of Northern Star’s (ASX: NST) Paulsens Gold Mine, which has produced over 418,000 ounces since 2005 at an average cash cost of A$538 per ounce.

The first field trip at the project was used to conduct rock chip sampling in addition to first pass field mapping of targeted primary and secondary based iron formation enrichment.

Reconnaissance field mapping has now been completed with a total of 21 rock chips samples collected and submitted for XRF analysis.

The initial exploration program identified three distinct types of outcropping iron mineralisation associated with the Marra Mamba Iron Formation, ranging from 0.5m to 5m in thickness. The strike extents are yet to be delineated in detail, however outcrops up to 50 metres in length were observed over the tenement.

The sample results will be used in conjunction with the reconnaissance mapping to determine target areas for follow up exploration activities.

Gold Exploration

Drill pads with a number of historical reverse circulation drill holes have been completed at the Monster Lode prospect.

The mineralised quartz veins are hosted in the iron rich units of the Marra Mamba Iron Formation, with outcropping strike lengths over several hundred metres.

Initial observations indicate that the historic drill holes may not have been optimally orientated for the purpose of assessing the full potential of the structurally controlled quartz vein system of the Monster Lode prospect.

Cradle has commenced a review of historic gold exploration activities to determine the potential for future discoveries.

Quick facts: Cradle Resources Ltd

Price: 0.045 AUD

ASX:CXX
Market: ASX
Market Cap: $8.54 m
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