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CGR - CGN Resources

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CGN Resources holds an 86% interest in six granted exploration licenses and two pending applications for exploration licences which comprise the Webb Project.

The Webb Project is a substantial 948 km2 package of tenements in the prospective West Arunta Region of Western Australia. Increased exploration activity and highly encouraging results from near neighbours WA1 Resources Ltd (ASX: WA1), Rio Tinto Group (ASX: RIO), IGO Ltd (ASX: IGO) and Encounter Resources Ltd (ASX: ENR) have highlighted the prospectivity of the region.

Key highlights for the Webb Project include:

(a) a large contiguous land package covering the highly prospective West Arunta region for copper, nickel and rare earth elements in Western Australia;

(b) highly anomalous copper (up to 0.23% Cu), nickel (up to 1.15% Ni) and rare earth elements (up to 0.71% TREO) values intersected in previous diamond-focussed exploration drilling;

(c) multiple drill-ready iron oxide copper gold (IOCG) targets based on geological and geophysical surveys;

(d) substantial range of targets including IOCG, magmatic nickel, carbonatite and diamonds;

(e) highly experienced Board and management in mineral exploration; and

(f) the recent discovery of major metalliferous carbonatites by WA1 Resources and Encounter Resources demonstrates the potential of this region to host mineralised systems.

It is anticipated that CGN will list on the ASX during October 2023.

 
Listing date18 October 2023 ; 12:00 PM AEDT ##
Company contact detailshttps://www.cgnresources.com.au/
Ph: 61 8 9226 0085
Principal ActivitiesMining & Resources
Issue Price AUD 0.20
Issue TypeOrdinary Fully Paid Shares
Security codeCGR
Capital to be Raised$10,000,000
Expected offer close date15 September 2023
UnderwriterNot underwritten. Oracle Capital Group Pty Ltd and 708 Capital Pty Ltd (Joint Lead Managers).
 
CGR has a 948km2 land position in the West Arunta and came onto the market with a $12m enterprise value at the 20 cents/share IPO price. Its ground is situated due south of WA1 Resources (ASX: WA1), which now has a market capitalisation of $526m following some recent hits at their Luni prospect.

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The key prospects are Tantor and Surus, which are defined by coincident geophysics and geochemistry.

since listing
Screenshot_20231105-082033_CommSec.jpg
 
Last edited:
Six priority targets. First DD hole commenced at Tantor

Tantor (IOCG)
• 2 km x 1km coincident gravity and magnetic anomalies adjacent to major structure

Surus (IOCG)
• 3 km x 2km gravity anomaly up against crustal scale structure

Shep (Ni)
• Sill-like magnetic anomaly with historical drilling intersecting 2m @ 1.15% Ni (KJ193)

Hathi (REE)
• 37m @ 0.38% TREO (W14RC045) in previous exploration targeting diamonds
• Adjacent to large magnetic features similar in scale to WA1 targets

Snorky & Horton (IOCG)
• Discrete gravity anomalies adjacent to elevated Cu & Co in surrounding drillholes along major NE-SW structural corridor
 
and ... bowled a maiden over

CGN Completes Maiden Drilling at Tantor and Secures Heritage Clearance for 2024 Exploration Programs

Screenshot_20231121-140437_CommSec.jpg

.
Highlights:
- Maiden drillhole at Tantor complete intersecting multiple newly discovered
ultramafic sills.
- pXRF results provide elevated nickel values to be followed up with lab assays
- Adjacent magnetic target at Tantor remains untested.
- Ultramafic units provide further support for Shep nickel target.
- Secured heritage clearance for all 2024 programs.
- Major drilling and geophysical programs at IOCG, Ni & REE targets planned for 2024
.
 
A week ago :

Question 1: ? Response: No
Question 2: Not applicable
Question 3: If the answer to question 1 is “no”, is there any other explanation that CGR may have for the recent trading in its securities?
Response: The Company is anticipating the commencement of drilling in early April, with the Surus IOCG target to be the tested first followed by the Shep IOCG target. Refer ASX Announcement dated 20 March 2024 “CGN Resources Set for Drilling After Compelling Geophysical Survey Results”.
Question 4: ... Response: The Company confirms that it is complying with the Listing Rules, particularly Listing Rule 3.1
Screenshot_20240409-093454_CommSec.jpg

.
and today
Screenshot_20240409-093548_Drive.jpg
 
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