Join our daily newsletter At The Bell to receive exclusive market insights
- Caravel Minerals (CVV) has updated the market regarding its ongoing drilling program at the Bindi copper deposit in WA
- Reverse circulation (RC) drilling is continuing to better define the grade and continuity of the copper mineralisation in upper areas to the east
- Drilling intersected zones of significant copper sulphide mineralisation, however, more thorough results are pending
- Additionally, diamond drilling is ongoing to test the depth extensions beneath the current resource at Bindi
- Copper and molybdenum sulphide mineralisation has been intersected and further results are yet to be received
- Further, RC drilling has begun at the Dasher Deposit with 16 holes planned to extend the known gold mineralisation
- Caravel is up 3.03 per cent on the market and shares are trading at 17 cents
Caravel Minerals (CVV) has updated the market regarding its ongoing drilling program at the Bindi copper deposit.
Bindi lies within the company’s namesake Caravel Copper Project, which is situated near Wongan Hills in Western Australia.
Reverse circulation (RC) and diamond drilling continues at the deposit to better define high-grade zones and test depth extensions.
RC drilling
Caravel’s main aim of RC drilling is to better define the grade and continuity of the copper mineralisation in upper areas to the east.
The company is aiming to identify high-grade areas of mineralisation to increase the confidence in the continuity.
Drilling intersected zones of significant copper sulphide mineralisation that occur within granite rocks.
Samples have been sent for analysis and results are yet to be received.
Diamond drilling
Diamond drilling is testing the depth extensions beneath the current resource at Bindi.
Copper and molybdenum sulphide mineralisation has been intersected in two holes.
Additionally, visual estimate of the abundant chalcopyrite mineralisation indicates that the copper mineralisation corresponds well with the projected zones of mineralisation down dip.
Further results are pending and will be reported on once available.
Ongoing work
Caravel has completed a five-hole percussion RC drilling program at the Opie Deposit, which aimed to test the geology and assess the potential for high-grade resources.
RC drilling has begun at the Dasher Deposit with 16 holes planned to extend the known gold mineralisation.
Finally, further diamond drilling has been planned for Bindi to collect additional metallurgical samples.
Caravel is up 3.03 per cent on the market and shares are trading at 17 cents at 12:33 pm AEDT.
