Carawine Resources Limited (ASX:CWX) has identified several new nickel and gold targets at its 100%-owned Big Bang tenement (E28/2759) in the Fraser Range region of Western Australia.
Big Bang is located in the highly prospective Central Fraser Zone, bordering tenements with recent gold and nickel-copper discoveries by IGO Ltd and Galileo Mining Ltd respectively, and just 50km south of Legend Mining Ltd’s Mawson nickel-copper discovery.
Managing Director, David Boyd, said that over recent months the company has completed a systematic review of historic exploration data, including analysis and interpretation of open file geophysical data and limited historic drilling within the tenement.
He said this work has demonstrated the excellent potential for the discovery of magmatic nickel- copper deposits analogous to IGO’s Nova nickel-copper-cobalt deposit within the tenement, along with placer and primary gold deposit styles.
Nine new prospects targeting nickel-copper, gold and iron oxide copper gold (IOCG) deposits have been identified and prioritised. Further work required to advance these prospects will likely comprise a combination of regional and targeted air core drilling and ground geophysical surveys as the first phase of exploration.
A new interpretation of the Fraser Zone has also prompted the company to increase its tenement holding in the region, including the large “Shackleton” exploration licence application (E28/3043) located about 10km east of Mawson.
Mr Boyd said the number of quality exploration targets generated from the review demonstrates the prospectivity of the Big Bang tenement.
Just over the tenement boundary Galileo is reporting the presence of magmatic nickel-copper sulphides in mafic-ultramafic intrusive complexes. Our work has identified the potential for a number of similar intrusive complexes to occur within the Big Bang tenement, supported by analogous magnetic anomalies, and geochemical data,” Mr Boyd said.
“The next steps are to explore these anomalies with first pass air core drilling and ground geophysics. This work will be prioritised along with other exploration programmes planned for the Fraser Range and the recently announced Tropicana North gold project.
“We look forward to updating the market with further details and timing of these programs as they become available.”
The company will now look to design and permit on-ground exploration programmes, likely to include a combination of regional air core drilling to map basement rock types, and ground geophysical surveys (e.g. moving loop electromagnetic (MLEM)) to further advance these targets.