Join our daily newsletter At The Bell to receive exclusive market insights
- Caravel Minerals (CVV) has completed reverse circulation (RC) drilling at its Ninan deposit in Western Australia
- This work has confirmed the down dip and down plunge extensions of the known copper and gold mineralisation
- Multiple significant intervals of oxide copper mineralisation were intersected with grades peaking at 0.90 per cent copper and 0.16g/t gold
- Once all results have been received, Caravel will make a decision on whether sufficient information exists to undertake a maiden resource estimate
- Its also proceeding with plans for further drilling at the wider Caravel Project to expand the resource estimate and outline higher grade material
- Further, the company is also planning to accelerate exploration of its regional projects in the South-West Yilgarn Terrane
- Caravel is 4.76 per cent in the red, with shares trading for 10 cents each
Caravel Minerals (CVV) has completed reverse circulation (RC) drilling at the Ninan deposit.
Ninan lies with the company’s Caravel Copper Project which is located 120 kilometres north-northeast of Perth, Western Australia.
Previous exploration at Ninan between 1975 and 2017 focused on near-surface oxide gold mineralisation and supergene copper anomalies.
Significant copper-gold mineralisation was intersected but the extent was not constrained.
This recently completed drilling confirmed the down dip and down plunge extensions of the known copper and gold mineralisation.
Results have also indicated greater complexity to the mineralised zone than what was previously believed.
Multiple significant intervals of oxide copper mineralisation were intersected as well as frequent occurrences of copper to the west.
Best results include 12 metres at 0.90 per cent copper and 0.10g/t gold, six metres at 0.89 per cent copper and 0.16g/t gold, and 14 metres at 0.45 per cent copper and 0.15g/t gold.
Once all results have been received, Caravel will make a decision on whether sufficient information exists to undertake a maiden resource estimate.
If a resource is created then it will be used in the ongoing feasibility studies.
Caravel is also proceeding with plans for further drilling at the Caravel Project where there is potential to expand the resource estimate and outline higher grade material.
The company is also planning to accelerate exploration of its regional projects in the South-West Yilgarn Terrane.
Caravel has ended yesterday’s session 4.76 per cent in the red, with shares trading for 10 cents each.
