Recommencement of Exploration Programs at Webb Project

CGN Resources Limited (ASX: $CGR) has announced the recommencement of exploration programs at the Webb Project for 2024. The drilling has commenced at the partially EIS funded Surus target on 28th April, following a delay caused by significant weather events in the district. The Company's exploration team has mobilised to site and is overseeing the earthworks required for additional drilling at the priority drill targets for 2024, including Surus, Shep, Snorky, Horton, and Hathi.

Executive Commentary on Exploration Progress

It is great to be getting back to site after the unforeseen weather delays. The team is refreshed and the delay provided time for a detailed review of the geophysical results collected in February and March. The results have been strongly supportive of our previous targeting, and importantly, they have significantly enhanced the targets and provided a clearer picture of where we should target the drill. We now have everything in place to move ahead with the diamond and RC programs over the coming months. It is a very exciting time in the evolution of the Company, and we are eager to see what the targets deliver.

Summary of Exploration Progress and Future Plans

CGN Resources (ASX: $CGR) has recommenced exploration drilling at the Webb Project, with drilling commencing at the Surus target. The Company's geophysical advisors have completed modelling using new ground gravity inversion models, which have refined the hole positions at IOCG targets and improved the drill targeting for the first pass programs. The Managing Director, Stan Wholley, expressed excitement about the enhanced targets and the Company's readiness to move ahead with the diamond and RC programs over the coming months. The 2024 ground electrical geophysical surveys have focused on five target areas, and the recent modelling has highlighted similarities between different targets, leading to a planned approach for drilling at each target. The Webb Project, located in the highly prospective West Arunta Orogen in Western Australia, has garnered recognition as a unique opportunity for targeting copper, nickel, and critical metals within a mineral-rich terrain. The Company has already demonstrated the potential for diamondiferous kimberlites at Webb and has developed six high priority targets targeting IOCG, nickel, and rare earth elements. With the recent discovery of niobium and REE rich carbonatites on neighboring properties, this deposit type is now also a valid target.