Results from the latest hole at the Bindi prospect received by Caravel Minerals (ASX: CVV) confirm the deposit contains wide zones of copper mineralisation.
Four deep diamond holes have now been completed at the prospect, part of the larger Caravel project in Western Australia, and each has confirmed the down-dip extension of copper mineralisation in both the Hinge Zone and the East Limb at Bindi.
In the case of East Limb, the deep drilling has extended the main zone of mineralisation down-dip to more than 450m below surface, or 650m down hole.
Caravel says the new intersections confirm projection of the geological model at depth and “demonstrate significant upside for resources at the Bindi deposit”.
Further diamond drilling is in progress at Bindi to provide additional geological and metallurgical information.
Updated resource planned for July release
An updated resource estimate for Bindi is planned for July, incorporating the results of all recent RC percussion and diamond drill holes, the company says.
The updated resource will form the basis of the current pre-feasibility studies for the Caravel copper project.
Two reverse circulation percussion drill rigs and two diamond drill rigs are continuing to operate on-site.
Caravel says further assay results are awaited and will be reported as they become available.
Drilling targets beneath 2019 open pit plan
Meanwhile, assay results from the first hole show significant mineralised zones (greater than the 0.15% cut-off grade) over about 270m of thickness.
This hole’s intercepts is within the area outlined for an open-cut pit in the 2019 scoping study, this area below that pit plan being the main target for the present deep drilling program.
Caravel Mineral’s project is located 120km north-northeast of Perth in Western Australia’s Wheatbelt region between the towns of Calingiri and Wongan Hills.
The project area is on cleared agricultural freehold land and is well-connected to existing infrastructure including interconnected power, roads and highways, regional service towns and a range of export ports.
Project part of regional porphyry belt
Caravel’s copper deposits form part of a regional porphyry style copper-molybdenum-gold mineralised belt discovered in a previously unexplored part of the Yilgarn Craton.
The Caravel copper project comprises a series of deposits of copper with associated gold and molybdenum.
The company’s deposits are much older than most porphyry coppers and have been dated at around 3 billion years old.
The pre-feasibility study is due to completed by the end of this year.