Caravel Minerals’ confidence at Bindi increases with latest assays showing more wide mineralised copper zones

Caravel Minerals Bindi increases assays wide mineralised copper zones ASX CVV
A highlight intersection from latest assays was 114m at 0.30% copper from 376m.

Copper explorer Caravel Minerals (ASX: CVV) has continued the drilling success at its namesake project with more wide mineralised zones unearthed at the Bindi deposit.

Latest assays reveal mineralisation was hit at depths below the Bindi Hinge target.

Highlight intersections were 114m at 0.30% copper from 376m, 64m at 0.28% copper from 496m, 30m at 0.24% copper from 604m, 32m at 0.42% copper from 132m, and 18m at 0.45% copper from 60m.

Caravel noted the assays and structural information “show good agreement” with its geological model.

“Combined with previous deeper drilling into the Bindi East limb, the latest drilling shows broad mineralised intervals continuous for at least 600m if strike length within the limb,” the company stated.

Increased confidence in the deeper mineralisation will lead to its inclusion in an updated resource.

The infill drilling program at Bindi is almost finished with 70 holes for 11,200m undertaken. Three holes for 780m remain to be completed.

Assays are pending for two diamond core holes that were drilled to gather geotechnical information on the Bindi West and Bindi Hinge starter pits.

Advancing the Caravel copper project

The company will continue operating a diamond rig onsite to test structural targets at Bindi and Dasher.

This and previous information are underpinning a new structural geological model for the project, which will be incorporated in an updated resource estimate which is anticipated to be released in early September.

Meanwhile, rehabilitation planning is progressing along with environmental, engineering, hydrology and power supply studies.

These will feed into the pre-feasibility study due in early 2022.

The Caravel asset is believed one of Australia’s largest undeveloped copper projects.

Its current resource totals 662Mt at 0.28% copper for 1.86Mt of contained metal.

A scoping study has previously indicated a 25-year mine life using a bulk mining operation and standard processing to generate a “clean and readily marketable concentrate”.

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