Caravel Minerals identifies new zones of mineralisation at Bindi copper deposit
Caravel Minerals has completed a $9 million share placement with funds planned to progress its namesake copper project in WA.
New assays from infill drilling at Caravel Minerals’ (ASX: CVV) Bindi copper deposit in Western Australia have shown wide zones of higher-grade mineralisation consistent with previous wider-spaced exploration.
Drilling of 23 reverse circulation holes into the Bindi East and Bindi Hinge areas during July resulted in significant mineralised intersections at 0.15% copper and 0.3% copper cut-off grades.
Best assays included: 44 metres at 0.41% copper from 94m; 68m at 0.31% copper from 28m; 42m at 0.25% copper from 102m; 50m at 0.31% copper from 94m; and 44m at 0.43% copper from 28m, including 24m at 0.62% from 28m.
Assays from the Bindi Hinge zone confirmed consistent higher grades previously reported for the area, with broad intervals grading more than 0.3% copper from within the starter pit.
The highest grades occurred in this zone at the point where the West Limb and East Limb targets meet, which is interpreted as a northwest plunging fold closure.
Latest results confirm the wide zones of significantly higher-grade mineralisation have good continuity between holes and across a number of sections, allowing high confidence in the resources for this area.
Hole spacing
Infill drilling achieved a hole spacing of 50m by 50m in select parts of the Bindi Southeast Synform, Bindi East Limb and Bindi Hinge zone.
Outside of these select areas, the spacing was closer to 100m by 50m.
All infill holes were drilled to a set depth of 150m and were extended in some cases.
Caravel said the close-spaced drilling provides greater confidence in the resource estimate for these areas which have potential to be mined as starter pits providing higher grades and lower strip ratios in the early mining schedule.
Diamond tail
One diamond core rig remains on site to drill a diamond tail into the down plunge extension of the Bindi Southeast Synform.
The hole finished in mineralisation at 318m, having intersected 202m at 0.31% copper from 116m.
The diamond tail will complete the wide-spaced deep drill coverage of Bindi East Limb as well as testing the Southeast Synform position.
Dasher drilling
This month, Caravel’s diamond core rig will also complete preliminary geotechnical drilling for site infrastructure investigations before moving to a diamond core program at the nearby Dasher prospect.
Drilling at Dasher will test the continuity of higher-grade mineralisation in the footwall position and test the primary Dasher mineralised zone along strike and at depth.