Caravel Minerals continues to build confidence in Bindi copper deposit

Drilling at Caravel Minerals’ (ASX: CVV) Bindi deposit continues to build confidence for the company, with latest assays described as consistent with previous results.

The company has now received assays from 24 reverse circulation percussion holes that were completed as part of the Bindi infill program.

Notable intersections from this latest batch were 72m at 0.32% copper from 30m, including 12m at 0.48% copper from 30m; 164m at 0.37% copper from 34m, including 38m at 0.5% copper from 62m; and 64m at 0.31% copper from 32m, including 12m at 0.43% copper from 32m.

These assays are from closer spaced infill drilling at the Bindi East Synform, Bindi East and Bindi Hinge targets.

Assays are pending for a further 23 holes that targeted the Bindi East Limb and Bindi Hinge areas and are expected in the latter half of this month.

Data will feed into a revised resource which is scheduled for release in early October.

Advancing Caravel copper project

Bindi is part of Caravel’s namesake project in Western Australia.

A diamond core rig is still operating on site and is drilling a diamond tail into the Bindi South-East Synform target.

It is extending the previous reverse circulation hole that intercepted 202m at 0.31% copper from 116m.

Later this month, the rig will be used to complete preliminary geotechnical drilling for planned infrastructure at the project site before moving to undertake drilling at the Dasher deposit.

Caravel describes its namesake project as one of Australia’s largest undeveloped copper assets.

It has a current resource of 662Mt at 0.28% copper for 1.86Mt of contained metal.

Based on preliminary studies, the current resource could underpin a 25-year mine life, with metallurgical testing generating excellent recoveries and a clean copper concentrate.

An advantage for the asset is its location in WA where it is close to grid power, seals roads, towns and two suitable ports.