Cauldron Energy Ltd (ASX:CXU) has started drilling from within the recently cleared underground platform in the Tyrconnel Adit at its prospective Blackwood Gold Joint Venture Project in central Victoria.
The much-awaited second phase of underground drilling will target historical high-grade zones of the interpreted, south-plunging, Western Leader Reef.
Cauldron’s new drilling follows recent geochemical mapping of the Tyrconnel Adit, with gold found in channel samples from the Western Leader.
Recent systematic channel sampling has also confirmed geochemical pathfinder vectors within an alteration halo of increasing arsenic (As), antimony (Sb) and silver (Ag)) associations with mineralised structures.
Importantly, the new geochemical and structural understanding now significantly improves the required criteria for drill testing of Blackwood’s narrow, high-grade gold vein systems.
Blackwood Gold Project and planned drilling location map.
Cauldron Executive Chairman Simon Youds said: “Preparation work at Blackwood has been progressing well towards the initiation of drilling.
“Our new structural and geochemical models, together with the easing of travel restrictions and renewed ability to mobilise drilling crews, are now giving us the best possible chance of successfully intersecting our intended Eastern Reef targets.
“As with the ground preparation work, drilling from within the newly established cuddy will allow us to target multiple areas of historically interpreted high grade zones.”
Youds added: “The excellent base data work done over the past months position the project for an exciting few months of consistent news flow.
“Our underground exploration work continues unnoticed and without any impact to the surface environment.
“The opportunity this presents Victoria for capitalising on its golden endowment without affecting its pristine forests can’t ignored.”