Join our daily newsletter At The Bell to receive exclusive market insights
- Copper explorer Caravel Minerals (CVV) has reported some more results from deep diamond drilling at its namesake Caravel Copper Project in WA
- The results come from the Bindi deposit and confirm the down-dip extension of copper mineralisation in both the Hinge Zone and East Limb of the area
- In fact, all four holes completed in the diamond drilling program so far intersected wide zones of mineralisation 450 metres below surface
- The latest assay results, which come from the third hole of the program, show “significant mineralised zones” over a thickness of around 270 metres, according to Caravel
- This is in line with the assay results from the first two holes drilled as part of the program and the visual estimates of mineralisation from the fourth hole
- Caravel has two reverse circulation rigs and two diamond rigs operating on-site, with plans to complete an updated resource estimate for the deposit in July
- Shares in Caravel Minerals closed 2.44 per cent lower this afternoon at 20 cents each
Copper explorer Caravel Minerals (CVV) has reported some more results from deep diamond drilling at its namesake Caravel Copper Project in WA.
The results come from the Bindi deposit of the project, with four deep diamond holes now having been completed.
According to Caravel, the results from the drilling confirm the down-dip extension of copper mineralisation in both the Hinge Zone and East Limb of the Bindi deposit.
In fact, all four holes intersected wide zones of mineralisation up to 650 metres downhole, which is around 450 metres below surface.
The latest assay results from the third hole in the deep diamond drilling program show “significant mineralised zones” over a thickness of around 270 metres, according to Caravel. The company said the mineralised zones have a cut-off grade higher than 0.15 per cent copper.
Moreover, the assays are in close agreement with Caravel’s projected position of the main ore zones at the deposit.
This is in line with the assay results from the first two holes drilled as part of the program and the visual estimates of mineralisation from the fourth hole.
What’s next?
Following today’s results, Caravel said further diamond drilling is in progress at Bindi to give the company more necessary geological and metallurgical information.
Caravel plans to complete an updated resource estimate for the Bindi deposit in July, with the results of all recent reverse circulation (RC) and diamond holes to be incorporated into the estimate.
This will form the basis of current pre-feasibility studies for the wider Caravel Copper Project.
In the meantime, two RC percussion drill rigs and two diamond drill rigs are busy operating on site.
Shares in Caravel Minerals closed 2.44 per cent lower this afternoon at 20 cents each. The company has a $69.5 million market cap.
