CGN Resources finds gold at Christmas Well Project
- CGN Resources intersected gold mineralisation across three target areas during its maiden reverse circulation drilling programme at the Christmas Well Project.
- The company completed 15 holes for 2,093m, with peak assays returning 5m at 2.5 grammes per tonne of gold from 151m depth.
- The exploration campaign validated the structural model and cleared the path for first-pass drilling at the Pelican prospect in 2026.
CGN Resources (ASX:CGR) intersected gold mineralisation across three of four principal target areas during its maiden reverse circulation drilling programme at the Christmas Well Project in Western Australia.
The 15-hole campaign tested four priority targets to determine whether major structural corridors extending into the Raeside Batholith held gold-bearing potential.
"This was a proof-of-concept programme, and it has demonstrated that the structures we are targeting are fertile and capable of hosting meaningful gold mineralisation," said CGN Resources Managing Director Stan Wholley.
The standout result occurred at the Rocky Mountain Oyster target, where drilling extended known gold mineralisation down dip into fresh basement rock by 100m.
CGN Resources plans to deploy follow-up exploration at Rocky Mountain Oyster and Lambs Fry while moving towards a 2,000-metre drilling programme at the Panhandle Project's Pelican prospect.
Following the announcement the CGN Resources share price was unchanged at $0.074.
The Christmas Well tenure is fully granted and situated near Leonora, an established gold mining region in Western Australia.
The adjacent Raeside Batholith provides a similar geological setting to the historical Kailis mine located nearby.
