Cavalier Resources (ASX: CVR) has identified the potential to significantly expand its Crawford gold project in Western Australia with promising early results from extensional drilling.
Rated as a key step in unlocking the full potential of the greater Crawford project area, Cavalier commenced the recently completed program of 4,647 metres reverse circulation and 408m air core drilling in late September.
The first assays from targets in a development area immediately to the north of a planned Stage 1 starter pit at Crawford have returned sections of high-grade gold including intervals of 1m at 21.3 grams per tonne and 2m at 13.6g/t.
Crawford currently hosts a near-surface gold resource with a JORC-compliant mineral resource estimate (MRE) of 117,800 ounces of gold at 1.7g/t.
Updated PFS Metrics
Cavalier undertook an updated pre-feasibility study (PFS) in April of 2025 that identified a total Stage 1 project life of 18 months, with a capital payback period of nine months and gold production of 23,467 recovered ounces.
The PFS also calculated an all-in sustaining cost of between $1,574/oz and $1,793/oz, pre-production CapEx of $9 million, a net present value of $51.7m, and a 580% internal rate of return.
The company is now awaiting results from a drilling across the southern development area to investigate the continuity of mineralisation to the south of the starter pit, as well as from drilling to extend the northern oxide corridor up to the Miranda hard rock target.
Northern Area Potential
Chief executive officer Daniel Tuffin said the deeper intercepts returned from the northern development area highlight the potential for a high-grade cutback or a future underground operation at Crawford
"The drilling has delivered strong results at depth, building on shallow historical intercepts along strike, adding further dimension to Crawford’s growth potential beyond the Stage 1 starter pit,” he said.
“We expect to continue building a results base that will ultimately support a future MRE update.”
Mineralisation remains open along strike and depth in the area.
