Australian CGN Resources Acquires New Tenement, Bolstering Gold Exploration Potential

Wedoany.com Report on Mar 3rd, Australian mining company CGN Resources (ASX:CGR) has recently acquired the Leonora tenement, further enhancing its gold exploration potential in Western Australia. Company Managing Director Stan Wholley stated that this acquisition presents a district-scale opportunity, situated immediately south of one of Australia's significant gold mines.

Wholley noted: "Historical work has confirmed significant gold mineralization, but the project remains underexplored at depth and under cover." The new Leonora area, together with the company's existing tenements, forms the larger Panhandle Project, which contains an underexplored gold corridor.

This corridor lies immediately south of the Gwalia mine, which hosts an 8-million-ounce gold resource. CGN has identified four gold exploration targets within the Panhandle tenements, including Gwalia South, Annapurna, Paradise North, and Pelican, all with intersections grading over 2 grams per tonne of gold.

Historical drilling intersections include: 3m @ 17.28g/t Au from 170m, 3m @ 13.27g/t Au from 42m, and 12m @ 2.04g/t Au from 48m. Wholley added: "With modern exploration tools and a stronger gold price environment than in historical times, we believe this project presents a meaningful discovery opportunity."

Wholley emphasized: "Our immediate focus is on delivering new high-quality targets and following up on historical gold intersections to systematically evaluate this potential." CGN Resources is focused on unlocking Western Australia's mineral potential through its state-wide portfolio, strengthening its gold exploration strategy.