Visual logs of copper sulphide show potential for ‘significant’ depth extensions at Caravel Minerals’ Bindi deposit
Caravel Minerals has completed a $9 million share placement with funds planned to progress its namesake copper project in WA.
Visual logs of copper sulphide mineralisation from deep diamond holes drilled at Caravel Minerals’ (ASX: CVV) Bindi deposit in Western Australia have highlighted the potential for “significant” depth extensions.
The explorer is continuing its major reverse circulation (RC) percussion and diamond drilling program with four drilling rigs currently operating at the Bindi deposit, within Caravel’s flagship namesake copper project.
The program aims to better define higher grade zones in shallow parts of the resource as well as test extensions down-dip.
This work is expected to provide resource, detailed geological and geotechnical data and metallurgical samples for ongoing feasibility studies which kicked off at the project in February.
Earlier this month, the company reported drilling results at Bindi extending the copper body down-dip, demonstrating the potential for the resource to support “significantly deeper open pit models”.
In today’s announcement, Caravel said significant copper and molybdenum sulphide mineralisation has been intersected in two diamond drill holes with visual estimates of chalcopyrite abundance indicating the copper grades and distribution “correlate well” with the projected zones of mineralisation down-dip of the current resource model.
Assay results are still pending.
RC percussion drilling
In addition, visual logs estimate RC percussion drilling at the Bindi east limb has hit zones of significant copper sulphide mineralisation, which Caravel said “largely conforms with expectations based on surrounding drill traverses, although a number of significant new zones of stronger mineralisation have been identified”.
Drilling samples have been submitted for assay with results pending.
Further work planned
Caravel plans to undertake a diamond drilling program to obtain further metallurgical samples from the Bindi deposit this month.
It will also drill several holes for geotechnical evaluation of proposed pit wall locations to support a geotechnical study being completed as part of the pre-feasibility studies.
The company has mobilised a fifth drill rig to complete this work.
Meanwhile, Caravel has commenced a 16-hole RC percussion drilling program for 2,700m at the Dasher deposit, which is expected to be completed this month in conjunction with the Bindi drilling.
The company also recently completed a five-hole, 870m RC program at the Opie deposit with assay results currently awaited.