The Cassini Resources Ltd (ASX: CZI) share price has had an impressive run on the market today, up by as much as 13.04% in early morning trade to a new 52-week high of 13 cents.
The small-cap ASX miner provided an encouraging exploration update for its Yarawindah Project this morning, which has gotten investors enthused.
About Cassini Resources
Cassini Resources is a base and precious metals developer and explorer based in Perth. Its flagship site is the West Musgrave Project, the largest undeveloped nickel-copper project in Australia.
It also has a joint venture agreement with S&P/ASX 200 Index (ASX: XJO) mining share OZ Minerals Limited (ASX: OZL), along with its Mt Squires Gold Project and the subject of today's announcement, the Yarawindah Project.
Why has the Cassini Resources share price bounced?
This morning, Cassini Resources provided an exploration update for its Yarawindah Project. The project is located 100km northeast of Perth and is prospective for nickel, copper, cobalt and platinum group elements (PGE). It's part of an emerging new nickel-copper-cobalt-PGE province that has been validated by a recent high-grade discovery by Chalice Gold Mines Limited (ASX: CHN).
In today's release, Cassini Resources detailed encouraging sulphide intercepts at the Ovis Prospect. The first 2 drill holes of the diamond drilling program at the Ovis Prospect have been completed.
Cassini announced that "visually encouraging zones" of nickel and copper sulphides have been intersected over a 10-metre zone in YAD0020 at Ovis.
Meanwhile, a third hole is in progress to test a new electromagnetic (EM) anomaly 1km along strike to the north of Ovis.
In addition, the company has received 200m-spaced infill soil results and partly completed surface EM survey results along the Brassica NW trend.
According to the announcement, "the EM survey has defined a 90m x 65m, 1,500 siemens conductor at the XC06 anomaly".
In light of these results, the XC06 anomaly is now considered a high-priority target for immediate drill testing. Cassini intends to move the rig to XC06 following completion of the third hole later this week.
The Cassini Resources share price is sitting 4.35% higher for the day at the time of writing, with shares last changing hands at 12 cents.
