Maiden Drilling Intersects Gold at Christmas Well Targets

Key points

• Maiden RC drilling successfully intersects gold at multiple targets
• High-grade gold found at Rocky Mountain Oyster, Sweetbread, and Lambs Fry
• Drilling validates CGN's structural targeting model
• Christmas Well tenure fully granted, enabling further exploration
• New Panhandle tenure granted with heritage approvals

Full summary

CGN Resources Limited (ASX: CGR) reports highly encouraging results from its maiden RC drilling program at the Christmas Well Project in Western Australia. The program successfully intersected gold mineralisation at three of the four principal target areas tested, including Rocky Mountain Oyster, Sweetbread, and Lambs Fry. The strongest result came from Rocky Mountain Oyster, where hole XRC010 intersected 5m @ 2.5 g/t Au from 151m, extending mineralisation down dip and along strike from previously identified mineralisation. The results provide strong validation of CGN's targeting methodology and demonstrate the fertility of structures extending into the Raeside Batholith. CGN now has a strong technical foundation to refine its geological model, follow-up the mineralised structures identified, and systematically test the larger structurally-hosted orogenic gold opportunity across Christmas Well. The company is entering an exciting phase of exploration with full tenure granted and a new Panhandle tenure with heritage approvals in place.

Outlook

CGN is entering an exciting phase of systematic exploration across the Leonora district, with encouraging maiden drilling results at Christmas Well and the upcoming drilling at the Panhandle project.