Barracuda Ni Cu PGE Project

Outcropping PGE mineralisation assaying 8.27g/t PGE was discovered by Pancon in 1987 on the contact between mafic and olivine-rich ultramafic rocks. Subsequently, PGE-sulphide minerals were identified in the rocks by the Western Australia Geological Survey in 2016.

This highly prospective area has the potential to host substantial magmatic, mafic-ultramafic intrusion-related Pt-Pd-Ni-Cu sulphide deposits and has received no attention since Pancon drilled 1,811m of diamond and shallow (<100m) RC holes in 19886.

CAV intends to apply the latest airborne EM technology to delineate conductors for drill testing as no ground-based electrical geophysical surveys (EM, IP) have ever been conducted within E58/551.

Figure 1, Location of the Barracuda PGE-Ni-Cu Project Area (E58/551)

Historical Exploration

Pancon held exploration licenses over most of the Windimurra Igneous Complex between 1985 and 1990 and targeted magmatic PGE-Ni-Cu sulphide mineralisation. Their exploration culminated in the discovery of outcropping magmatic PGE-Cr-Ni-Cu mineralisation in October 19875 within the area now secured by E58/551.

Pancon initially conducted geological mapping and drainage sampling to identify and delineate PGE anomalous catchments and favourable geology. These areas were then followed-up with traverses of close-spaced (10m) soil sampling (-80 mesh) on lines 200m to 800m apart. Unfortunately, this soil assay data (Cu, Ni, Pt, Pd) was only ever presented graphically (analogue) as stacked line profiles 6. It is possible to rebuild digital assay tables from the Pancon diagrams to enable advanced data manipulation and reinterpretation – a process that CAV will undertake, and it is likely to identify new drill targets when interpreted in conjunction with new, and the first ground EM survey data.