Caravel Minerals (ASX: CVV), which is drilling the East Limb of the Bindi prospect, has released latest assays that, it says, include grades significantly better than previous modelling of this part of the resource.
The company is also looking at acquiring land over the Bindi deposit and Caravel copper project area.
Bindi is part of the larger Caravel project in Western Australia.
These latest results show zones of copper mineralisation up to 164m wide, with all four holes reported having higher grade intervals.
One hole was still in mineralisation when drilling stopped at 360m down hole.
An intersection of 130m returned 0.3% copper, including two higher grade intervals — 8m at 0.43% and 6m at 0.49%.
Hole 19 intersected copper over 151m at 0.32%, with intervals, one 10m at 0.58%, another with 16m at 0.58% and a third returning 14m at 0.55%.
A third hole intercepted two separate zones of mineralisation, 164m at 0.38% and 14m at 0.47%. Higher grade intervals reported were 8m at 0.57%, 10m at 0.53% and 12m at 1.26%.
Potential for more higher-grade zones
A fourth hole hit 30m at 0.51%, also with two higher grade intervals.
Caravel says reverse circulation drilling at Bindi shows wide zones in the East Limb section and indicate good continuity from zones drilled in the north.
“The wider intervals are significantly better grade[s] than was previously modelled for this part of the resource and show good potential for modelling discrete domains of higher-grade zones within these intervals.”
An updated resource estimate for the Bindi Deposit is planned for July, incorporating the results of all recent RC percussion and diamond drill holes, the company said.
The updated resource will form the basis of the current pre-feasibility studies for the Caravel copper project.
$7.5m raised will help acquire more ground
Earlier this week Caravel got away a placement of 27.8 million new shares at $0.27 each, raising $7.5m.
Of that sum, $7m was subscribed by a single institutional investor.
The funds will be used for additional infill and extensional drilling at Caravel, “potential acquisition” of additional land over Bindi and Caravel, as well as for general working capital.
Caravel says more money is needed for detailed drilling at Bindi East following identification of new geological features.
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 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.