Caravel Minerals reports another deposit with broad zones of copper mineralisation
Caravel Minerals has completed a $9 million share placement with funds planned to progress its namesake copper project in WA.
Following recent successes at its Bindi prospect, Caravel Minerals (ASX: CVV) has replicated those by finding similarly broad zones of copper mineralisation at its Dasher deposit and nearby prospect areas.
Both Bindi and Dasher are part of the company’s flagship Caravel copper project in Western Australia.
The company has been undertaking reverse circulation drilling at the Dasher deposit, and at the Dasher East and Dasher South prospects.
Assays at Dasher South returned 56m at 0.34% copper, a hole with 6m at 0.46% and a separate 10m at 0.35%, and a third hole also with two mineralised zones — 32m at 0.38% and 4m at 0.4%.
Other intersections regarded by the company as being significant were 6m at 0.36% (from 60m down hole), 4m at 0.41% and a hole with separate zones of 4m at 0.31% and 6m at 0.35%.
Caravel said these results were “significantly” better than previously seen in this area.
The current reverse circulation percussion drilling program at Dasher aims to infill and extend known mineralisation in the shallower parts of the deposit.
Dasher figures will be added to Bindi results
Earlier this month, Caravel released drilling results from the East Limb of the Bindi prospect which showed zones of copper mineralisation up to 164m wide.
One hole at Bindi was still in mineralisation when drilling stopped at 360m down hole, the intersection of 130m returning 0.3% copper, including two higher grade intervals — 8m at 0.43% and 6m at 0.49%.
Caravel said then that reverse circulation drilling at Bindi showed wide zones in the East Limb section and indicated good continuity from zones drilled in the north.
An updated resource estimate for the Bindi Deposit is planned for July, incorporating the results of all recent RC percussion and diamond drill holes.
Similarly, the latest results from Dasher will be incorporated in an updated resource estimate for that area.
These two updated resource estimates will form the basis of the current pre-feasibility studies for the Caravel copper project.
The 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 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.