Caravel Minerals (ASX:CVV) reports the presence of ‘strong’ mineralisation following diamond drilling (DD) activities at the Bindi Copper deposit, as part of its Caravel Copper Project in Western Australia.
The results, generated by four diamond drillholes, demonstrate the potential for starter pit mineralisation to be at better grades than current estimates within the Ore Reserve display, with key results including:
- Hole 22CADD001: 54m @ 0.32% Cu from 94m
- Hole 22CADD002: 38m @ 0.32% Cu from 54m, and 20m @ 0.59% Cu from 104, including 14m @ 0.74% Cu from 110m
- Hole 22CADD003: 40m @ 0.39% Cu from 48m, and 98m @ 0.27% Cu from 94m, including 12m @ 0.51% Cu from 98m
- Hole 22CADD004: 74m @ 0.60% Cu from 44m, and 72m @ 0.24% Cu from 124m
All of the conducted drillholes targeted Ore Reserves within the planned starter pits at the West Limb, Bindi Hinge, and East Limb deposits and have successfully confirmed the continuity and tenor of mineralisation as reported in the previously released Prefeasibility Study (PFS).
The company also notes that these recently returned drilling results correlate with the starter pit positions and continue to demonstrate similar or ‘higher grade’ shallow copper mineralisation.
In addition, these core samples are expected to be used for upcoming metallurgical test work as part of the company’s planned Definitive Feasibility Study (DFS) as well as provide additional confidence for an updated Mineral Resource Estimate (MRE) for early 2023.
The Caravel Copper Project is located about 120km north-northeast of Perth within the Wheatbelt region of Western Australia and is well connected to existing infrastructure, including interconnected power, roads and highways, regional service towns and a range of export ports. The project also boasts a total JORC 2012 compliant MRE of 1,180.6Mt @ 0.24% Cu utilising a 0.1% Cu grade cut-off.
Caravel Minerals announces that it has moved forward with an additional seven drillholes to provide geotechnical data to assist in its planned DFS design work for the Bindi Deposit starter pits, with assays pending for all drillholes.
Drilling activities are set to resume in December once the cropping season harvest is complete, with plans including additional reverse circulation (RC) drilling in preparation for the updated resource estimate.
Images: Caravel Minerals Ltd
