Caravel Minerals unearths more wide copper zones at Bindi deposit
Assays from Bindi East Limb were higher than Caravel Minerals anticipated.
Caravel Minerals (ASX: CVV) has unearthed further wide copper zones at its flagship namesake Caravel project, which is only 150km northeast of Perth in Western Australia.
The company noted grades from the Bindi East Limb target, part of the Bindi deposit, had exceeded its expectations.
Highlight results were 60m at 0.4% copper from 60m; 94m at 0.33% copper from 124m (Bindi West Limb target); and 36m at 0.29% copper (Bind East Limb).
Caravel pointed out the drill results were consistent with the company’s updated geological model and interpreted depth extensions for Bindi.
Commenting on the assays, Caravel managing director Steve Abbott said they were “another good set of intersections” and provide confirmation of the company’s previously announced estimates.
He added further assays are anticipated as the major drilling program at Caravel continues.
Fast-tracked exploration
The company is continuing reverse circulation and diamond drilling programs at Bindi, with drilling designed to delineate higher-grade zones within the mineral resource which will underpin feasibility studies for the project.
To accelerate the program, Caravel secured another RC percussion rig, which is operating at Bindi.
Additionally, Caravel’s fast-tracked exploration plans include transitioning diamond drilling to 24-hours a day.
Bindi has current indicated and inferred resources of 413.1 million tonnes at 0.28% copper. An updated resource is scheduled to be released in the September quarter this year.
Caravel strategy
Caravel describes its namesake project as one of Australia’s largest undeveloped copper projects.
It has global mineral resources of 662Mt at 0.28% copper for 1.86Mt of contained metal.
A scoping study has outlined a long-life and low cost 25-year operation based on the current resource.
As well as Bindi, Caravel is firming up resources at Dasher and Ninan Central.
Meanwhile, metallurgical testing has confirmed high copper recoveries using a standard flowsheet. Ore from Caravel generates a “very clean” copper concentrate, which the company claims is attractive to smelters.
In addition to copper, the project has the potential to produce by-product credits of molybdenum, gold and silver.
Being only 150km from WA’s capital city, Caravel has the advantages of proximity to high-quality infrastructure including main roads, power, town and ports.
This reduces anticipated capital expenditure and operating costs.