Caravel Minerals Limited (ASX:CVV) reports that it has intersected further wide zones of ‘higher-grade’ copper mineralisation at the Bindi Deposit within its namesake Caravel Copper Project in Western Australia.
Significant intersections include:
- Hole 21CADD003AA:
- 30-148m 118m @ 0.41% Cu
- 272-316m 44m @ 0.36% Cu
- Hole 21CADD004:
- 42-184m 142m @ 0.43% Cu
- 190-230m 40m @ 0.33% Cu
- 236-282m 46m @ 0.23% Cu
- Hole 21CARC052:
- 30-54m 24m @ 0.24% Cu
- 66-262m 196m @ 0.36% Cu
- 268-306m 38m @ 0.40% Cu
- 328-353m 25m @ 0.24% Cu
- Hole 21CARC059:
- 28-44m 16m @ 0.98% Cu
- 104-134m 30m @ 0.24% Cu
A new zone of mineralisation was identified in the deeper part of 21CADD003, below the current resource. A number of additional holes are planned to further evaluate the extent of this mineralisation, including 21CADD015 which is currently being drilled 200m to the east.
Further RC percussion and diamond drilling is planned for infill and extension of the known mineralisation resource at the Bindi Deposit.
Caravel Copper project
Caravel Mineral’s Copper Project is located 120km north-north-east of Perth in Western Australia’s Wheatbelt region, between the towns of Calingiri and Wongan Hill. The current resource at Caravel stands at 662 million tonnes @ 0.28% copper, for a contained 1.86 Mt.
The project combines the Bindi, Dasher, and Opie deposits. Caravel’s copper deposits form part of a regional porphyry-style copper-molybdenum-gold mineralised belt discovered in a previously unexplored part of the Yilgarn Craton.
The company has now reported assay results for four RC percussion drill holes, along with two diamond core holes at the Bindi deposit.
Updates and next steps
- Two RC percussion drill rigs and a diamond drill rig are currently operating on-site. Further RC percussion and diamond drilling are planned to be undertaken for infill and extension of the known mineralisation resource at the Bindi Deposit. Assay results continue to be processed on a 4-5 week cycle and are expected to be reported as they become available.
- The higher-grade RC infill drilling programme at Bindi East is now 75% complete and is expected to be completed in July.
- A new structural geological model is being prepared utilising information from the diamond core holes completed during this program. A better understanding of the Bindi Southeast synformal fold closure is emerging which will be incorporated in the updated resource estimate and future exploration drill planning.
- The new structural geological model is planned to be reported in the coming weeks and the updated resource estimate is expected by late August.
Images: Caravel Minerals Limited