Barry FitzGerald: Carawine calls on The Duke, saddles up in the hunt for the next Winu
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A little bit of Hollywood has come to Western Australia’s Paterson Province in the search for the next big find like Rio Tinto’s Winu copper-gold beauty. Or the Havieron gold-copper discovery of the Greatland/Newcrest joint venture for that matter.
Carawine Resources (ASX: CWX) is in the thick of the hunt having picked up two key tenements packages where the cover is relatively shallow long before the Winu and Havieron discoveries triggered an almighty pegging rush in the region.
Since listing in December 2017 through a $7 million IPO, Carawine has been working up drilling targets on its Red Dog and its Baton tenements.
As the ground was picked up before the Winu and Havieron excitement, it was more of a selective process than that behind much of the ground taken up by others recently in the region’s pegging rush.
Now, the Red Dog name of one of the tenement packages is not paying homage to the 2011 Aussie film starring a kelpie.
It’s actually named after an old prospect. But a bit of Hollywood in the form of John “The Duke’’ Wayne is behind the naming of many of the new targets identified there by Carawine.
Apart from the Duke prospect (actually named by a previous explorer), you will find Bravo, Leatherneck and Flying Tiger.
“We’ve got a bit of a John Wayne theme going,’’ Carawine MD Dave Boyd told Garimpeiro.
“The names of the prospects all link to John Wayne movies. I like a theme and he seems cool enough,’’ Boyd said.
Carawine plans to begin testing the targets at Red Dog and Baton with the drill bit before the end of the year.
“Winu has been found and is talked about. Havieron has been found and is talked about. We hope we find the next one and get talked about,’’ Boyd said.
Despite the long-time existence of big deposits like Telfer gold-copper (Newcrest), and the Nifty copper mine of Metals X’s in the Paterson, the region remains lightly explored. Telfer and Nifty were found because the saw daylight, or outcropped at the surface.
Now the hunt employs the latest geophysical techniques to see beneath the sand cover which in parts can be kilometres deep.
There is a mix of Nifty, Winu and Havieron-type targets in Carawine’s collection. The targets are at shallow depths and given the junior’s modest market value of $7.5 million (14c a share), the Paterson drilling program is going to be one to watch.
Carawine’s 100 per cent-owned, 1,500 sq km ground position in the Paterson is one of the biggest there is, particularly so for a junior. On a simple real estate basis using recent joint ventures cut by other juniors on lesser ground as a guide, its current market cap is more than accounted for by its Paterson position.
But like a steak knife commercial, there’s more.
The coming drilling program in the Paterson neatly follows on from Carawine’s drilling at its gold and base metals project near the town of Jamieson in north-east Victoria. A maiden resource estimate for the Hill 800 prospect there is due to be released before the end of the year.
Hill 800 is of the volcanic-hosted massive sulphide type, making it very different to the central Victorians gold deposits. It is similar in style to the old 1.5m oz Henty gold mine in Tasmania.
Carawine also has exposure to another hot exploration area, WA’s Fraser Range.
The exposure is through a joint venture with the owner of the Nova nickel-copper-cobalt mine in the Fraser, Independence Group (IGO).
Independence Group is funding the hunt for the region’s next big nickel-copper-cobalt discovery in a joint venture under which it can earn a 70 per cent interest in Carawine’s tenements by spending $5m by the end of 2021.
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