Caravel Minerals (ASX: CVV) has released details from recent drilling at the Bindi prospect, part of the company’s Caravel project, which have revealed additional wide zones of higher-grade mineralisation.
These were intersected in the southern part of the Bindi East Limb and in the northern Bindi Hinge.
The zones lie below the current resource area.
Multiple zones were reported in all four holes drilled by reverse circulation rig.
The first hole returned 118m at 0.41% copper and a second interval of 44m at 0.36%.
The second hole had three discrete zones — 142m at 0.43%, 40m at 0.33% and 46m at 0.23%.
Four zones were intersected in the third hole, returning 24m at 0.24%, 196m at 0.36%, 38m at 0.4% and 25m at 0.24%.
Two zones were hit in the fourth hole with 16m at 0.98% (from 28m down hole) and 30m at 0.24%.
New geological model being prepared
A new zone of mineralisation has been identified below the current resource.
Two RC rigs and one diamond drill rig are operating at Bindi.
Caravel says a new structural geological model is being prepared utilising information from the diamond core holes completed during this program.
A better understanding of the Bindi Southeast synformal fold closure is emerging which will be incorporated in the updated resource estimate and future exploration drill planning.
The new structural geological model will be reported in the coming weeks and the updated resource estimate is expected by late August.
In April, assays from Bindi showed it contains wide zones of copper mineralisation.
Caravel said at that time that the new intersections confirm projection of the geological model at depth and “demonstrate significant upside for resources at the Bindi deposit”.
Caravel’s project is 120km north-northeast of Perth in Western Australia’s Wheatbelt region between the towns of Calingiri and Wongan Hills.
The project area is located 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.
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.
A pre-feasibility study is due to completed by the end of this year.