Carawine Resources (ASX:CWX) has completed 3 diamond drillholes at the wholly owned Big Bang tenement, within the Fraser Range Nickel Project in Western Australia.
The $23.61 million market capitalisation company reports drillhole BBDD001 intersected a graphite rich mafic granulite at the BB1 A conductor.
Meanwhile, drillhole BBDD002 intersected moderately faulted graphitic and biotite altered metasediment at the BB1 B conductor and drillhole BBDD003 intersected graphitic metasediment at the BB2 A conductor.
Carawine adds that downhole electromagnetic surveys (DHEM) of each hole confirms the conductive anomaly targets were tested and the source is determined.
Further work at the Big Bang tenement is to be planned, following updated geological and structural interpretations, based on the drilling results.
Commenting on today’s announcement, Carawine Resources Managing Director David Boyd says: “Our first drilling program at Big Bang has determined the source of the 3 targeted conductors to be massive graphite and graphitic sediments, with no indications of nickel-sulphide present.
The targets drilled are within just the first 3 of 7 areas identified at Big Bang as prospective for magmatic nickel-copper sulphides, and we will now update our targeting model with the information from the drilling, before planning further exploration programs over the remaining target areas.”
The drilling program was co-funded by the Western Australian State Government under its Exploration Incentive Scheme, with 50% of the direct drilling costs of the program to be reimbursed to Carawine up to a maximum of $92,500.
Carawine Resources is an ASX-listed explorer, focusing on uncovering gold, copper, and base metals deposits in Australia. The company has 5 projects, each targeting deposits in active and well-established mineral provinces.
As of 30 June 2023, the company had $5.194 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Carawine Resources