- Gold and base metals explorer Carawine Resources (CWX) has received drill results at Hill 800 and stopped drilling due to COVID-19
- Hill 800 is an advanced gold-copper prospect within the Jamieson Project, located in northeast Victoria
- The company says its drill hole, H8DD021, is one of the deepest holes it has drilled at the Hill 800
- The same drill hole returned some of the strongest alterations the company has seen to date
- Carawine ended all drilling at Jamieson early as it is prioritising the health and safety of its employees and the local community to slow the spread of coronavirus
- Carawine is down 35 per cent on the market this morning, selling shares at 13¢ apiece at 11:21 am AEDT
Gold and base metals explorer Carawine Resources (CWX) has found strong copper-gold porphyry indicators from drill results at Hill 800 and suspends drilling due to COVID-19.
Hill 800 is an advanced gold-copper prospect within Carawine’s Jamieson Project, located in northeast Victoria.
Hole H8DD021 was designed to test the northern strike extents of gold and copper mineralisation at Hill 800 at a vertical depth of around 200 metres below the surface.
The drill hole intersected multiple intervals of anomalous gold and copper but it did not return any significant widths of gold mineralisation above 0.3 grams per tonne of gold.
Managing Director David Boyd said the style and intensity of the alteration intersected in this hole are significant in that it reinforces the potential for fertile copper-gold porphyry intrusions being targeted in the Jamieson project.
“H8DD021 is one of the deepest holes we have drilled at the Hill 800 deposit and it has returned some of the strongest alteration seen to date,” he told the market.
“The correlation between elevated molybdenum assays and magnetic susceptibility readings are both strong indicators that we could be close to the porphyry source
of the Hill 800 mineralisation,” he added.
The company ended all drilling at Jamieson early as it is prioritising the health and safety of its employees and the local community to slow the spread of the coronavirus (COVID-19).
Carawine said this will also allow it to manage itself through the current economic environment brought by the pandemic.
The company maintains a healthy cash position of $3 million (as of December 31) and has implemented a range of measures to protect this and the company’s assets.
Carawine is down 35 per cent on the market this morning, selling shares at 13¢ apiece at 11:21 am AEDT.