COMPANY PRESENTATION RIU EXPLORERS CONFERENCE 2018 · 21 February 2018 COMPANY PRESENTATION – RIU...
Transcript of COMPANY PRESENTATION RIU EXPLORERS CONFERENCE 2018 · 21 February 2018 COMPANY PRESENTATION – RIU...
ASX Release (CZI) 21 February 2018
COMPANY PRESENTATION –
RIU EXPLORERS CONFERENCE 2018
Cassini Resources Limited (ASX: CZI) is pleased to lodge a copy of the presentation that Managing Director Mr Richard Bevan will be presenting at the RIU Explorers conference in Fremantle, Western Australia today.
The presentation focuses on the significant exploration activity planned at the West Musgrave Project and its other projects for the 2018 field season.
Mr Bevan will be presenting at 12.20pm WST today, Wednesday 21 February 2018.
For further information, please contact:
Richard Bevan Managing Director Cassini Resources Limited Telephone: +61 8 6164 8900 E-mail: [email protected]
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
world-class asset which currently has over 1.0 million tonnes of contained nickel and 2.0 million tonnes of contained
copper in Resource. 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.
In August 2016, Cassini entered into a three-stage $36M Farm-in/Joint Venture Agreement with prominent Australian
mining company OZ Minerals Ltd (ASX: OZL). The Joint Venture provides a clear pathway to a decision to mine and
potential cash flow for Cassini.
Cassini is also progressing its Mt Squires Gold Project, an early stage zinc exploration project in the West Arunta
region and also has an option to acquire 80% of the Yarawindah Nickel - Copper - Cobalt Project, all located in
Western Australia.
Cassini Resources Limited (ASX:CZI, FWB: ICR)
Explorers’ Conference, Fremantle Western Australia 20-23 February 2018 Richard Bevan, Managing Director
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Disclaimer and important notice
TheinformaAoncontainedinthispresentaAonisforinformaAonalpurposesonlyanddoesnotconsAtuteanoffertoissue,orarrangetoissue,securiAesorotherfinancialproducts.TheinformaAoncontainedinthispresentaAonisnotinvestmentorfinancialproductadviceandisnotintendedtobeusedasthebasisformakinganinvestmentdecision.ThepresentaAonhasbeenpreparedwithouttakingintoaccounttheinvestmentobjecAves,financialsituaAonorparAcularneedsofanyparAcularperson.Beforemakingan investmentdecision,youshouldconsider,withorwithouttheassistanceofafinancialadviser,whetheran investment isappropriate in lightofyourparAcular InvestmentNeeds,ObjecAvesAndFinancialCircumstances.
NorepresentaAonorwarranty,expressorimplied,ismadeastothefairness,accuracy,completenessorcorrectnessoftheinformaAon,opinionsandconclusionscontainedinthispresentaAon.TothemaximumextentpermiUedbylaw,noneofCassiniResourcesLtd,theirdirectors,employeesoragents,noranyotherpersonacceptsanyliability,including,withoutlimitaAon,anyliabilityarisingoutoffaultofnegligence,foranylossarisingfromtheuseoftheinformaAoncontainedinthispresentaAon. In parAcular, no representaAon orwarranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness or any forecasts, prospects or returns contained in thispresentaAonnorisanyobligaAonassumedtoupdatesuchinformaAon.Suchforecasts,prospectsorreturnsarebytheirnaturesubjecttosignificantuncertainAesandconAngencies.
Competent Persons Statement TheinformaAoninthisstatementwhichrelatestotheMineralResourcedata,includingtenementinformaAon,drilling,sampling,andanalyAcalresults,geologyinterpretaAon,andselecAonofcut-offgradehasbeenoverseenbyMrGregMileswhoisafull-AmeemployeeofCassiniResourcesLtdandaMemberoftheAustralasianInsAtuteofGeoscienAsts.MrMileshassufficientrelevantexperiencetothestyleofmineralisaAonandtypeofdepositunderconsideraAonandtotheacAvityforwhichheisundertakingtoqualifyasaCompetentPersonasdefinedintheJORCCode,2012EdiAon.
TheinformaAoninthisreportwhichrelatestotheNebo-BabelMineralResourceesAmaAonandclassificaAonhasbeenpreparedbyMrAndrewWeekswhoisafull-AmeemployeeofGolderAssociatesPtyLtdandaFellowoftheAustralasianInsAtuteofMiningandMetallurgy.MrWeekshassufficientrelevantexperiencetothestyleofmineralisaAonandtypeofdepositunderconsideraAonandtotheacAvityforwhichheisundertakingtoqualifyasaCompetentPersonasdefinedintheJORCCode,2012EdiAon.BothMrMilesandMrWeeksconsenttotheinclusioninthisreportofthemaUersbasedoninformaAonintheformandcontextinwhichitappears.
PleaserefertoCassini’sASXannouncementof7December2015fortheCompetentPersonStatementandJORCdisclosuretablesrelaAngtotheSuccothMineralResourceEsAmate.
CassiniisnotawareofanynewinformaAonordata,otherthanthatdisclosedinthisreport,thatmateriallyaffectstheinformaAonincludedinthisreportandthatallmaterialassumpAonsandparametersunderpinningExploraAonResults,MineralResourceEsAmatesandProducAonTargetsconAnuetoapplyandhavenotmateriallychanged.
Thenickelequivalent(NiEq)andcopperequivalent(CuEq)calculaAonstakeintoaccountresources,reserves,andgradesasstatedinlatestASXreleasesandassumes100%payabilityforallmetalsrecoveredgeneraAngacommodityequivalentvalueforNi,Cu,Co,Zn,Au,Ag,PbandMo.OnlyprojectswithJORC2012resourcesandreserveshavebeenused.Nickelequivalentgrade=Ni%+Cu%x0.56.Copperequivalentgrade=Cu%+Ni%x1.97.Basedonassumedrecoveriesof73%forCuand59%forNiandcommoditypricesshownbelow.ItistheCassini’sopinionthatalltheelementsincludedinthemetalequivalentscalculaAonhaveareasonablepotenAaltoberecoveredandsold..NiEqgradeshavebeenpublishedtoenableacomparisontosimilarsizednickelsulphideassets.CuEqgradeshavebeenpublishedtoenableacomparisontosimilarsizedcopperassets.
Forward Looking Statements SomestatementsinthisreportregardingesAmatesorfutureeventsareforward-lookingstatements.TheyincludeindicaAonsof,andguidanceon,futureearnings,cashflow,costsandfinancialperformance.Forward-lookingstatementsinclude,butarenot limited to, statementsprecededbywords suchas “planned”, “expected”, “projected”, “esAmated”, “may”, “scheduled”, “intends”, “anAcipates”, “believes”, “potenAal”, “could”, “nominal”, “conceptual”and similarexpressions.Forward-lookingstatements,opinionsandesAmatesincludedinthisannouncementarebasedonassumpAonsandconAngencieswhicharesubjecttochangewithoutnoAce,asarestatementsaboutmarketandindustrytrends,whicharebasedoninterpretaAonsofcurrentmarketcondiAons.Forward-lookingstatementsareprovidedasageneralguideonlyandshouldnotbereliedonasaguaranteeoffutureperformance.Forward-lookingstatementsmaybeaffectedbyarangeofvariablesthatcouldcauseactualresultstodifferfromesAmatedresults,andmaycausetheCompany’sactualperformanceandfinancialresultsinfutureperiodstomateriallydifferfromanyprojecAonsoffutureperformanceorresultsexpressedorimpliedbysuchforward-lookingstatements.TheserisksanduncertainAesincludebutarenotlimitedtoliabiliAesinherentinminedevelopmentandproducAon,geological,miningandprocessingtechnicalproblems,theinabilitytoobtainminelicenses,permitsandotherregulatoryapprovalsrequiredinconnecAonwithminingandprocessingoperaAons,compeAAonforamongotherthings,capital,acquisiAonsofreserves,undevelopedlandsandskilledpersonnel;incorrectassessmentsofthevalueofacquisiAons;changesincommoditypricesandexchangerates;currencyandinterestratefluctuaAons;variouseventswhichcoulddisruptoperaAonsand/orthetransportaAonofmineralproducts,includinglabourstoppagesandsevereweathercondiAons;thedemandforandavailabilityoftransportaAonservices;theabilitytosecureadequatefinancingandmanagement'sabilitytoanAcipateandmanagetheforegoingfactorsandrisks.Therecanbenoassurancethatforward-lookingstatementswillprovetobecorrect.
TheproducAontargetsreferredtointhisannouncementarebasedon74%In-pitIndicatedResourcesand26%InferredMineralResources.TheInferredResourcesdonotdeterminetheeconomicviabilityoftheproject,andapproximately80%ofresourceswithintheopAmisaAonpitshellsareintheIndicatedCategoryduringthepay-backperiod.ThereisalowlevelofgeologicalconfidenceassociatedwithInferredMineralResourcesandthereisnocertaintythatfurtherexploraAonworkwillresultinthedeterminaAonofIndicatedMineralResourcesorthattheproducAontargetsthemselveswillberealised.
TheScopingStudywaspreparedata±35%levelofaccuracy.
StatementsregardingplanswithrespecttotheCompany’smineralproperAesmaycontainforwardlookingstatements.Statements inrelaAontofuturemaUerscanonlybemadewheretheCompanyhasareasonablebasisformakingthosestatements.
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• MajormilestoneachievedwithposiAveScopingStudyoutcomessecuringfundingforNebo-BabelPFS
• Significantopportunityexiststoaddfurthervalueovernext12-18monthsthrough:
» RealisingidenAfiedupsideopportuniAesduringPFS
» FurtherexploraAonsuccessbothwithinNebo-Babeldevelopmentandregionally
» Improvingmacroenvironment
• CZItomanageregionalexplora;onprogram–acAviAesandnewsflow• AddiAonalhighqualityCZI100%ownedexploraAonsprojectsingold,zinc
andnickel/PGE/cosulphideswillbeprogressed
A Company On the Move
Well positioned to meet growing demand from EV and battery market
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West Musgrave Project (Ni, Cu, Co, PGE)
Stage:PreFeasibility
NEBO-BABELDEPOSITS• 1MtofcontainedNiand1.1MtCu• Openpit,lowoperaAngcost,longminelife
Earnin/JointVenture
Asset Portfolio
Mt Squires Project (Au) Stage:Explora;onShallow gold mineralisation • 50kmprospecAvestructuraltrend• Historicaldrilling
– [email protected]/tAufrom31m,including– [email protected]/tfrom34m.
West Arunta Project (Zn) Stage:EarlyExplora;onEmerging project in a potential new zinc region • 35kmprospecAvehorizon• Maidendrillprogramintersectedbroad
zincenrichedzones• MulAplefollow-uptargets
Yarawindah Brook (Ni, Cu, Co, PGE) Stage:Explora;onMassive sulphide mineralisation • “Walk-up”drilltargets• Surfaceanomaliesnotyettested• Geophysicsanddrillingin2018
100%CZIOwned
Stage:AdvancedExplora;on
SUCCOTHDEPOSIT• 936,000tofcontainedCu• SignificantpotenAaltoincreaseresource
Stage:Explora;on• 40kmmineralisedcorridor• MulApletargets
Significant exploration upside remains
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West Musgrave Project
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Stage EarninrequirementOZLinterestatendofStage Timeframe Operator Status
MinimumCommitment
• A$3mfurtherscopingstudy• 2fullAmeOZMineralstechnicalstaff
0% Upto12months CZI Completed
Nov2017
Stage1• A$15mexpendituretowardsPFS/DFS
• A$4mregionalexploraAon51% Upto
18monthsOZLCZI
CommencedDec2017
Stage2• A$10mexpendituretowardsDFS
• A$4mregionalexpenditure70% Upto
12monthsOZLCZI
StagesandTermsofJVagreement
STAGE1KEYMETRICS• OZMineralstocontribute$15MtoNebo-Babeldevelopmentand$4mtoregionalexploraAonwithin18months
• CassinitomangeexploraAonspendandOZLtomanagePFS• OZLearns51%atendofStage1
West Musgrave Project: OZ Minerals Earnin/Joint Venture
3 stage, A$36m funding to a “Decision to mine”
P
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Nebo-Babel Prefeasibility Study – Opportunities to add value
• Conversionofinferredresourcetoindicatedaddingsignificant“reportable”minelife
• ImprovemetallurgicalrecoveriesthroughopAmisaAonandalternaAveflowsheets
• OpAmisemineschedulingandstockpilemanagement
• ReducepowercostsfurtherthroughaddiAonofwindenergytodiesel-solargeneratedpower
Targeted Outcomes
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Indicative Project Development Timetable
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West Musgrave Exploration
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Nebo-Babel Targets – Positive Development Implications
• SimilarcharacterisAcsto,andpotenAallyafault-offsetconAnuaAonoftheStartmeupShoot
• DHEMplateBW3isthehighestconduc;vityanomalyintheNebo-Babelsystem
• Previouslyintersectedbyasinglehole,WMN4049;» [email protected]%Ni,0.94%Cufrom311.6m
• PotenAaltoaddanewsignificanthigh-gradeundergroundoropenpitcut-backopportunity
• FundedaspartofPFS
BW3 Conductor - Startmeup Shoot Extension
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Regional Exploration within the West Musgrave Project
• ExploraAonstrategytoidenAfyhigh-grademineralisaAontosupplementNebo-Babeldevelopment
• ExisAngpipelineofgreenfield,intermediateandadvancedprospects
• Leveragingoffalargehistoricalgeologicaldatabase
• SignificantscalewithNi+CumineralisaAonidenAfiedover40kmofstrike
• Backtobasics:TherearesAllareaswheretherehasbeenliUleorineffecAveexploraAon
• Programscommencingearly2018
Up to $8m in OZL funded regional exploration
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Yappsu Prospect – A Nebo “look-a-like”
• High-grademassiveandbrecciasulphideswithinbroaddisseminatedzones,similartoNebo,eg:
» [email protected]%Ni,0.48%Cuwithin
» [email protected]%Ni,0.48%Cu
• ButallholeshavemissedthecoreofEMconductors!
• ThereforepotenAalforhighergradeandthickermineralisaAonaswellassAllbeingopenupanddownplunge
• NewMLEMsurveytoidenAfyextensionspriortodrilltesAng
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One Tree Hill Prospect – a priority exploration target
• 15kmSEofNebo-Babeldeposits• Only5holesdrilledtodate• LowlevelPGEandCuanomalismis
widespreadincountryrocksrepresenAngapossiblehaloofalargesystem
• BreakthroughinDec2016,intersectedtwomagmaAcmineralisedzones
• CZD0017» [email protected]%Cufrom129.6m
» [email protected]%Cu&0.12%Nifrom332m;includingmassivesulphideof;[email protected]%Cu,0.58%Ni,0.10%Co,1.0g/tPGEfrom344.85m
• Geologicallyunconstrained• PotenAalformorehigh-valuemassive
sulphidemineralisaAon
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Succoth – A Sleeping Giant • [email protected]%Cu• Notcurrentlyindevelopmentplans,butprovidesenormousleverageandflexibility• ExploraAontargeAng:
» Highergrade,thickzonesofmineralisaAonclosetosurface» NickelmineralisaAonremainsafocus–apotenAalgamechanger
WMN4023–226.1m:1.96%Ni,0.13%Cu1.2g/tPt+Pd.Ni-richmassivesulphidefromBabylon(hostedinlatedoleritethereforeremobilised,butproximaltosource)
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Other Exploration Projects (CZI 100%)
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• Large-scalegreenfieldsgoldproject• SignificantmineralisaAonidenAfiedattheHandpumpProspect:» [email protected]/tAufrom31m,[email protected]/tfrom34m» [email protected]/tAufrom25m,[email protected]/tfrom25m
50km long structure with confirmed gold mineralisation
Mt Squires Project (Au)
• MulAplenewtargetsidenAfiedwithnopreviousexploraAon
• Allclearancesreceived• Ongroundprogramscheduledearly2018
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• Early-stage,sedimentaryzincproject-firstmoveradvantageduetominimalhistoricalexploraAoninregion
• MaidendrillprogramidenAfiedbroadzonesofsub-surfaceenrichmentinzincandassociatedelements
• JanusProspect–gravityanomaly,primaryexploraAontarget
• GroundgeophysicstoassisttargeAngin2018• WellplacedtotakeadvantageofthestrongzincmarketcondiAonsandalackofhighqualityzincprojects
West Arunta Project (Zn)
Multiple prospective zinc targets across a 35km strike horizon
WestArunta,LakeMacKayregion,WA
Regionalprojects(projectowner)• Tanami(NYSE:NEM)• MacKaySOP(ASX:AMN)• LakeMacKayJV(ASX:ABU,ASX:IGO)
• Theseus(ASX:TOE)
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• EarlystagemassiveNi-Cu-Co-PGEsulphideproject
• SignificantinterceptsnotfollowedupduetoGFC» [email protected]%Ni,0.21%Cu,0.06%Co
» [email protected]%Ni,0.80%Cu,0.19%Co
• Anomaloussurfacerocksnottested–nogeophysics,nodrilling
• Infrastructureadvantages–closetopower,transport&water
• CassiniapplyinglearningsandexperAsefromWestMusgravetoasimilar,butunder-exploredproject
Yarawindah Brook (Ni+Cu+Co+PGE) CZI option to earn 80%
Increasing exposure to critical EV and battery metals
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ü Worldclassnickel+coppersulphideassetdevelopmentfundedbyASX100partnerOZMinerals
ü CassiniisanacAvepartnermanagingexploraAonspend
ü SignificantdiscoveryopportunityexistsatWestMusgravewithupto$8monfundedexploraAonofnext2stagesofJV
ü Progressing100%ownedprojectsingold,zincandNickel/CoinWA
ü HistoricalnickelheadwindsabaAng.Thefuturelooksbright
ü 2018exploraAonprogramaboutcommence
Cassini – Not just an awesome development story!
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THANK YOU Visit us at Booth #23
www.cassiniresources.com.au