Caravel confirms new model for Opie copper deposit
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Caravel has confirmed the new geological model of mineralisation for the Opie deposit after drilling intersected a number of significant copper zones.
The drilling at Opie, which is 10km south of the main copper deposit’s namesake project, is aimed at testing the revised structural interpretation of the deposit and its potential to host larger or higher grade resources that might be included in feasibility studies.
Results such as 10m at 0.65 per cent copper from a depth of 42m and 6m at 0.64 per cent copper from 80m within one hole, and 32m at 0.24 per cent copper from 206m and 34m at 0.34 per cent copper from 244m in another, confirm Caravel Minerals’ (ASX:CVV) interpreted overturned fold model for the deposit.
Notably, the results also confirm the potential for higher grade mineralisation.
Using the parasitic folding seen at Bindi as a guide, mineralisation at the Opie deposit is believed to form a synformal keel with a hinge line plunging moderately to the northeast.
The folding is overturned and verging to the east.
Mineralisation intersected to date is broadly consistent with this interpretation, though the target positions in the eastern holes were apparently stoped out by a granite intrusion.
Results from drilling will be incorporated into an updated resource estimate for Opie along with updates for the other deposits that make up the Caravel copper project.
Further drilling may be carried out if modelling suggests additional opportunities for extension of the mineralised zone.
Caravel currently has a resource of 662Mt grading 0.28 per cent copper for 1.86Mt of contained copper with Opie making up a small part of this with 9Mt grading 0.37 per cent copper.
This article was developed in collaboration with Caravel Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.