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ally good outcomes in the metal recover- means once you pay that back you have tioned intercept produced by Beadell
ies and we are landing in the right place. then got money for shareholder divi- Resources.
There has been a lot more opportunity dends and money to invest in exploration Mt Squires and the 80% acquisition
to optimise that and that is really another and development,” Bevan said. of the early-stage nickel-copper-cobalt-
big driver in the value of the project.” “Our goal would be to build a company PGE Yarawindah Brook project, near
The JV has reported that continued like Independence Group [Ltd], with very New Norcia, 130km north-east of Perth,
improvements in metal recovery and re- similar metrics to the kind they had with are strategic foils for Cassini’s interest in
duction in costs through bulk separation Tropicana. We just don’t know how we the WMP.
are being achieved, while work on fully get there yet, but we have options and Bevan said the company was aware
de-risking a new grinding methodology a big partner who has already indicated of the need to be active in the near term
(Loesche Mill), which potentially reduces they are happy to provide some support. and provide news flow and exposure to
grinding power costs by about 30%, is We know we have a really valuable asset other opportunities for shareholders.
being undertaken. with the nickel and the copper. There are Yarawindah was originally host to a
“A lot of the met work and the resource lots of people looking for those commod- non-compliant PGE resource, while
have been done to probably well past ities and we are confident we’ll be able to shallow drilling produced nickel hits of
PFS stage. The PFS is being done by weigh up all these different options and 1.5-2% nickel.
Oz, it is a big company PFS and they are choose the right ones that give value for “We flew some aeromag over there
doing it with the intent to be the opera- our shareholders. I think we need to un- and highlighted some targets. The good
tor. For them, it is really about mitigating derstand the value of the WMP first and I thing was that the aeromag confirmed
the key risks early on in the process and guess get some of that project value into the existing targets and then identified a
they have done a really thorough job,” our share price a bit more to give us a bit few more,” Bevan said.
Bevan said. more leverage.” “It is on farm land so it will take a little
Completion of the PFS will give both To the end of June, Cassini had $8 bit of time to get the access stuff done
parties an indication of the capital re- million cash and at the time of print was and then we will probably wait, it is early
quirements required to build the WMP. amid a 1,000m RC drilling programme stage but it has promise. We have been
Oz’s deep pockets means it would be at the Handpump prospect at its 100% reasonably disciplined about moving
good to fund its share, while Bevan said owned Mt Squires gold project in WA’s onto projects and not pushing on too
Cassini had a number of options to con- Musgrave province. broad a front; just ones that we think
sider with its preference being to main- Previous intercepts at Handpump in- are really worthwhile. It would be good
tain its position in the project. clude 15m @ 2.3 g/t gold from 31m, to get out there and fire a few shots on
“We are in a good position where we within a broader mineralised envelope of Yarawindah before the end of the year
have a big partner and a number of fund- 57m @ 0.94 g/t from 14m. though.”
ing options. We have the opportunity to Handpump has not been drilled since
realise some value if that’s appropriate, 2011, with the purpose of Cassini’s pro- – Mark Andrews
but our primary plan has always been to gramme to confirm mineralisation con-
maintain 30% of a producing asset. That trols and extensions to the aforemen-

Resources at Nebo and Babel – 800km west of Uluru, near the borders separating WA, SA and
NT – total 238mt @ 0.35% nickel and 0.38% copper, with 59% indicated and 41% inferred

aUSTRaLIa’S PaYDIRT OCTOBeR 2019 Page 103