Cassini Resources Limited : - New Targets at Yarawindah Ni-Cu-PGE Project

Cassini Resources Limited (ASX: CZI) ('Cassini' or the 'Company') is pleased to provide an update on exploration activities at the Yarawindah Brook Project (the 'Project').

The Project is located on agricultural land 20km south of the township of New Norcia, 100km northeast of Perth, Western Australia. The Project is prospective for nickel, copper, cobalt and platinum group elements (primarily palladium and platinum) and is part of an emerging new nickel-copper-cobalt-PGE province that has been validated by Chalice Gold Mines recent high-grade discovery at the Julimar Project, approximately 40km south of Yarawindah Brook.

Cassini Managing Director, Mr Richard Bevan, commented 'We're pleased with the results from our first two drill programs at Yarawindah and we've made significant progress in understanding the potential of the region. Recent analysis of geophysical data suggests the host intrusion is far larger than originally interpreted and barely explored. The recent drill results have shown that we're in a fertile magmatic NiCu environment, and that we've barely begun to unlock the potential of our tenement package. We thank all of our shareholders for their ongoing support.'

Encouraging Results at Ovis Prospect Continue

Two diamond drill holes were completed at Ovis Prospect. Drill hole YAD0010 intersected multiple narrow, massive to semi-massive sulphide zones with peak grades of 1.96% Ni and up to 1.81g/t combined PGE within a 35m-wide disseminated sulphide zone. Although the host intrusion is sulphiderich, as demonstrated in the ASX release of 29 May 2020, the Ni-Cu tenors are relatively low. YAD0011 also returned several narrow mineralised intervals e.g. 2m @ 0.69% Ni and 0.51% Cu within a broader sulphide-rich zone. This hole has demonstrated down-plunge continuity of the Ovis Prospect.

New Search Space Untested by Previous Exploration

A more significant development is the latest interpretation and greater understanding of the geology and mineralisation at both prospect and regional scales.

A review of company and historical drilling, as well as magnetic and electromagnetic data, has found that the Yarabrook Hill area represents only a small portion of a much larger mafic-ultramafic intrusion. Yarabrook Hill has been the main focus of exploration as this is where the intrusion outcrops and weathering processes have enriched PGE mineralisation. Contrary to historical narrow, folded geological model, the intrusion appears to be a flat sheet, at least 330m thick, which dips gently easterly from Yarabrook Hill under shallow country rock sequences. In detail however, the intrusion shows very complex variations in rock types and chemistry over short distances. The eastern part of the intrusion remains untested by drilling and airborne EM and is likely to be a more prospective part of the system, given that Ni-Cu tenors increase from west to east i.e. Brassica to Ovis. The Company has identified a circular magnetic anomaly, known as 'Yenart', some 4km to the east of Ovis, which may represent a near surface exposure of the same intrusive system.

The upper-most part of the intrusion is a thick sulphide-bearing unit, indicated by Cu values >500ppm (and mostly > 1000 ppm), that ranges in thickness from 70m to 190m. Mineralisation intensity varies considerably over short intervals, which has been observed at the Ovis and Avena Prospects, but is generally stronger near the hanging wall contact, although this is not clear if it is due to primary mineralisation processes or secondary metamorphic and structural overprints.

The core of the intrusive complex can be mapped as a gravity anomaly and appears to have approximate dimensions of 18km x 5km. The exposed portion of the intrusion at Yarabrook Hill represents only 2% of the potential full intrusion area defined by the gravity anomaly. Cassini's AEM survey covered only 11% of the aerial extent of this anomaly. Most bedrock drilling in the project has only occurred at Yarabrook Hill with very little bedrock drilling beyond this area. Therefore the majority of this highly prospective intrusion has not been subjected to any form of exploration.

The Brassica Prospect is now interpreted as a distal and less dynamic part of the intrusive system, albeit with a significant volume of low-tenor sulphide deposition. Brassica is approximately 4km west of the exposed portion of the main intrusion and does provide insight to the scale of the intrusive complex.

Contact:

Richard Bevan

Tel: [phone]

Email: [e-mail]

About the Company

Cassini Resources Limited (ASX: CZI) is a base and precious metals developer and explorer based in Perth. In April 2014, Cassini acquired its flagship West Musgrave Project (WMP), located in Western Australia. The Project is a new mining camp with three existing nickel and copper sulphide deposits and a number of other significant regional exploration targets already identified. The WMP is the largest undeveloped nickel - copper project in Australia.

On 22 June 2020, Cassini's joint venture partner in the WMP, OZ Minerals Limited (ASX: OZL), announced its intention to acquire Cassini via a Scheme of Arrangement which will give it 100% ownership of the WMP. Cassini is undertaking an inter-conditional demerger of its Yarawindah Brook and Mount Squires Projects which it intends to apply to list on the ASX through new company, Caspin Resources Limited.

Cassini is continuing to progress the Mt Squires Gold Project (CZI 100%), and the Yarawindah Brook Nickel Copper Cobalt Project (CZI 80%), whilst the demerger scheme is in progress.

(C) 2020 Electronic News Publishing, source ENP Newswire