Carawine Resources (ASX:CWX) has kicked off a moving-loop electromagnetic (MLEM) survey program at its Fraser Range Nickel Project in Western Australia, exploring for magmatic nickel-copper sulphide deposits.
The $22.66 million market capitalisation company says the survey has been designed to test for conductive bedrock anomalies at 5 target areas, namely the Red Bull north, Red Bull south, BB5, BB6, and Bindii tenements.
All of the targets are determined based on geophysical and/or geochemical data.
Carawine expects to complete the survey by early April 2024, with results to follow shortly after.
The program has been designed for each target area to be surveyed using a 400m by 400m square wire loop moved along survey lines with a SQUID B-field sensor run in ‘slingram’ mode offset 150m from the loop edge.
Fraser Range includes 23 exploration licences and 3 active exploration licence applications in Western Australia. The project is considered prospective for magmatic nickel-sulphide deposits.
As of 31 December 2023, the company had $5.472 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Carawine Resources
