Cauldron Energy Ltd (ASX:CXU) (OTCMKTS:CAULF) (FRA:UFX) has not been sitting on its hands during Victoria’s strict COVID-19 lockdown with non-site activities progressed for the Blackwood Gold Project in the Victorian Goldfields.
The on-site downtime has been utilised to complete data compilation and drill planning while the required environmental and hydro-geochemical study has been completed.
This work has seen the company lay the key stepping stones to allow in-mine access for sampling and to access previously worked mineralisation and provide a platform for drilling, which can now take place with the restrictions greatly eased.
“Strong scaffold”
Cauldron is well-funded to get on the ground with a $1.6 million placement recently completed.
CEO Jess Oram said: “We have a strong technical and information scaffold, underpinned by an extensive dataset on which to build.”
The company’s key short-term goal is to identify and delineate an economic resource through drilling and in the medium and longer-term to achieve gold production at the historic goldfield.
“Well-funded”
Oram said: “We are well-funded following the recent $1.6 million placement and look forward to the opportunity to test the exciting gold prospectivity at Blackwood and attempt to achieve the project goal of defining and adding to the mineral resource.”
Cauldron and its consulting partners have completed an environmental vegetation study and base-level hydro-geochemistry sampling.
These components are used in the application of various work approvals with the Victorian regulators - Department of Environment, Land, Water and Planning (DELWP) and Earth Resources Regulation (ERR).
Key steps
The company’s key steps to achieve its goals are:
- Refine structural model on shape of shoots beneath lodes opened-up by past mining activity using new mapping data;
- Finalise design of drilling program;
- Apply for low impact exploration allowing work under the exploration code of conduct published by ERR;
- Apply for work approval do be assessed by all Victorian regulators (ERR, DELWP and others) in
- consultation with local community; and
- Engage drilling contractor and begin drilling.
Work timeline
The company has developed a timeline for future work:
- Low ground-disturbing drilling at Rogers Big Hill – first quarter 2021;
- Underground exploration drilling of the northern lodes – second quarter 2021;
- Develop drill targets at Yankee and Countess – last quarter 2020; and
- Apply for work approvals at Yankee and Countess.