Cauldron Energy Limited (ASX: CXU) has commenced drilling from within the recently cleared underground platform in the Tyrconnel Adit at its prospective Blackwood Gold Joint Venture Project in Victoria, Australia.
“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,” Executive Chairman, Simon Youds, said.
“As with the ground preparation work, drilling from within the newly established cuddy will allow us to target multiple area historically interpreted high grade zones.
“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.”
Cauldron believes it has a once in a generation opportunity to develop and expand the understanding of the mineral system at the Blackwood Gold Project (51% owned by CXU) left behind by the past miners of Victoria’s golden era. The Victorian Goldfields is one of the world’s most prolific gold provinces accounting historically for more than 2% of world gold production and 30% of Australian gold production since 1850.
Despite this, since the 1980’s exploration activity in the Victorian goldfields has lagged activity at Australia’s other premier gold districts.
Recently, however, the Victorian goldfields are undergoing a renaissance as a result of the recent transformation of the Fosterville Mine and thanks to the discovery of extremely large and high-grade extensions deep underground, which have converted Fosterville from a modest-scale operation of less than 100,000 ounces of gold per annum to be the world’s richest mine and Australia’s top gold producer.
Like the Victorian goldfields the Blackwood Goldfield has also been largely forgotten. From 1864 to 1980 the Blackwood Goldfield produced about 218,000 ounces of gold but has seen no systematic or significant exploration activity since.
Prior to Cauldron, the project’s owner spent about 25 years consolidating the leases of the project area; providing Cauldron with a great opportunity for systematic exploration and development over the entire goldfield.
For further information please visit: https://www.cauldronenergy.com.au/
