Join our daily newsletter At The Bell to receive exclusive market insights
- Carawine Resources (CWX) has received the first assay results from diamond drilling at the Jamieson Project in northeast Victoria
- The company is testing the strike and dip extents of mineralisation at the Hill 800 prospect, which is currently open
- Results from two drill holes were received with one returning significant results
- Drill hole H8DD024 returned 20 metres at 0.4 grams per tonne (g/t) gold from 291 metres, including one metre at 1.27g/t gold, 0.4 per cent copper from 291 metres and two metres at 1.55 g/t gold from 299 metres.
- The results from drill hole H8DD023 confirm the alteration intersected is consistent with the outer propylitic zone of its copper-gold porphyry exploration model
- Results from two more drill holes are expected next month
- Carawine was last trading flat at close of market yesterday for 36 cents a share
Carawine Resources (CWX) has received the first assay results from diamond drilling at the Jamieson Project in northeast Victoria.
The wholly owned project is located near the township of Jamieson in the Victoria Goldfields, covering an area of around 120 square kilometres.
Carawine is testing the strike and dip extents of the area, in particular the Hill 800 prospect, which is currently open.
The company is also searching for a potential copper-gold porphyry source for Hill 800.
Of the first two holes drilled, assay results from drill hole H8DD024, targeting the down-dip extent of Hill 800 main zone mineralisation, returned significant results.
Intervals from the hole included 20 metres at 0.4 grams per tonne (g/t) gold from 291 metres, including one metre at 1.27g/t gold, 0.4 per cent copper from 291 metres and two metres at 1.55 g/t gold from 299 metres. The same hole also returned five metres at 1.35g/t gold from 215 metres, including four metres at 1.57 g/t gold from 216m.
The second hole, H8DD023, targeting the M2 copper-gold porphyry target 700 metres south of Hill 800, didn’t return significant gold or copper results.
However, the company says the results confirm the alteration intersected is consistent with the outer propylitic zone of the Carawine’s copper-gold porphyry exploration model.
Managing Director, David Boyd acknowledged the results weren’t what the company expected.
“From these latest results it appears that we have hit the northern edge of Hill 800, extending the system by a further 65 metres down-dip, albeit at lower gold grades than expected,” he said.
“We are now looking forward to the results from H8DD025, which targeted deeper and further south than H8DD024, where the system remains open.”
Results from H8DD025 and another drill hole at the Rhyolite Creek prospect are expected next month.
Carawine says that additional drilling will be prioritised and planned as further assay results are received.
Carawine was last trading flat at close of market yesterday for 36 cents a share.
