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    Carawine identifies new porphyry copper gold targets in Victoria

    Carawine Resources Limited (ASX: CWX) has announced exceptional geophysical results from the detailed heli-mag geophysical survey completed at its Jamieson Project in northeast Victoria.

    The company reported that the detailed helicopter-borne geophysical survey outlined new targets at Jamieson project. CWX said that large magnetic complexes were identified at Hill 800 and Rhyolite Creek.

    Carawine noted that the new magnetic target directly down-dip from Hill 800 with typical porphyry signature. CWX also outlined additional high priority magnetic targets throughout the project.

    Carawine said that three-dimensional modelling is in progress to define targets for direct drill testing in Q1 2020.

    Jamieson project

    Carawine’s 100%-owned Jamieson project is located near the township of Jamieson in the northeastern Victorian Goldfields.

    The project comprises granted exploration licences EL5523 and EL6622, covering an area of 85 km2. It contains the Hill 800 gold-copper and Rhyolite Creek zinc-gold-silver prospects within Cambrian-aged felsic to intermediate volcanics.

    Hill 800 Porphyry copper-gold relationship

    In September 2019, the Company established the potential for gold and copper mineralisation at its Hill 800 prospect to be related to a copper-gold porphyry system, based on an analysis of multi-element geochemical data and the recognition of an alteration pattern typical of porphyry mineral systems.

    This followed the identification of several new prospects around Hill 800 with strong magmatic / porphyry geochemical signatures, and the recognition of two broad but distinct regional-scale magnetic anomalies at Hill 800 and Rhyolite Creek.

    Heli-mag survey

    The company had recently completed a detailed helicopter-borne magnetic and radiometric (heli-mag) geophysical survey at the Jamieson Project.

    The survey was conducted on 50m-spaced flight lines oriented east–west at 50m above ground, providing detailed magnetic and radiometric geophysical data across the project. Data quality control and processing were completed by the Company’s geophysical consultants Southern Geoscience Consultants.

    Survey an outstanding success

    The company said that the geophysical survey was an outstanding success, supporting the potential for porphyry targets beneath Hill 800 and Rhyolite Creek, confirming existing targets, and providing a number of exciting new anomalies.

    Hill 800

    The company reported that the detailed heli-mag survey data has identified a number of new, individual magnetic anomalies from within the broad magnetic complex underlying the Hill 800 area.

    CWX said that the immediate interest is a discrete magnetic high north-west of the surface exposure of the Hill 800 deposit encompassed by a distinct magnetic low. It may be noted that the current drilling at Hill 800 is testing the down-dip extensions to the deposit, which appears to be trending directly towards this discrete magnetic high.

    Carawine also reported that there are numerous additional discrete magnetic highs in the Hill 800 area, several of which are spatially associated with gold-rich geochemical anomalies, like the Hill 700, Middle Hill, Northeast Spur, Eastern Anomalies, and Southeast Spur.

    Rhyolite Creek

    The company reported that the Rhyolite Creek region is defined by a broad magnetic high which includes several discrete anomalies. The association between the magnetic high at Rhyolite Creek is supported by a historic drill hole RCD001.

    The analysis of its drill core indicates the magnetic source has not been effectively tested and no other drilling has directly targeted this anomaly.

    Other regional targets

    The company said that the heli-mag survey identified several magnetic highs between the Hill 800 and Rhyolite Creek prospect areas. These anomalies have not been tested by drilling or had effective surface geochemical sampling over them.

    Next steps

    The company reported that the next stage in advancing the targets identified from the heli-mag survey is to complete 3D of each magnetic anomaly to determine their accurate location, size, and depth.

    The results of the 3D modelling are then expected to be used to design drill holes to test each anomaly and prioritise targets in order of drilling.

    The Company said that it is currently drilling at the Hill 800 prospect, targeting down-dip extensions of gold and copper mineralisation with first assay results expected early in Q1 2020.

    CWX reported that the drilling of targets defined from modelling of the heli-mag survey data is planned to follow completion of the initial drill holes at Hill 800, expected to be early to mid-Q1 2020.

    Management statements

    Carawine Managing Director Mr. David Boyd said: “Since establishing a link between mineralisation at Hill 800 and the potential for large gold and copper porphyry mineral systems at the Jamieson Project we have been working to identify and refine targets for drill testing.

    Magnetic anomalies are commonly associated with mineralised porphyry systems and therefore provide excellent drill targets. The results from this detailed survey will be used to model the size and depth of each anomaly, which can then be prioritised for drill testing.

    Of particular interest is a magnetic high anomaly potentially down-dip from Hill 800, where we are currently drilling. This anomaly is characteristic of the typical geophysical response from a mineralised porphyry copper-gold stock and is therefore high on the priority list for modelling and drilling.

    We look forward to updating the market with results of this work and the drill program design in coming weeks.”

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    • Delayed Prices (USD) - Last Updated 29-06-2022
    • Gold $1,819.40
    • Silver $20.79
    • Platinum $909.00
    • Palladium $1,802.00
    • Dalian Iron Ore i2209 $121.88
    • Aluminium $2,495.50
    • Cobalt $72,400.00
    • Copper $8,417.50
    • Lead $2,003.50
    • Nickel $22,882.00
    • Tin $26,991.00
    • Zinc $3,318.00