Caravel’s diamond drilling in late 2022 has successfully achieved two key objectives – adding confidence to the existing resource model and confirming an extension of mineralisation at depth.

Four of the holes targeting the Bindi Lower Limb returned significant intersections such as 128m grading 0.27% copper from a down-hole depth of 142m including 22m at 0.55% copper from 212m and 44m at 0.24% copper from 92m (22CADD007) and 42m at 0.33% copper from 32m and 34m at 0.27% copper from 150m (22CADD008).

Additionally, hole 22CADD010 intersected mineralisation in the lower limb of the deposit, consistent with the resource model and confirming the extension of mineralisation at depth.

The latter has the potential to further expand resources at the company’s namesake project, which already stands at a very substantial 1.18 billion tonnes at 0.24% copper and 48 parts per million molybdenum for 2.84 million tonnes of contained copper.

Drilling down

Caravel Minerals (ASX:CVV) had drilled two holes 2km to 3km northwest of the Bindi deposit for soil geotechnical sampling while the remaining five holes were drilled into the walls of the Bindi East and Bindi Hinge starter pits to collect geotechnical information for mine design and geological modelling.

Hole 22CADD007 was drilled to the north in the Bindi Hinge starter pit area at an acute angle to the northwest plunging hinge, passing through the hanging wall fault into the mineralised zone at the expected position with structural measurements confirming the geological model for the West Limb.

Meanwhile, hole 22CADD008 in the centre of Bindi East intersected broad intervals of mineralisation consistent with the resource model while 22CADD009 in the southern end of the Bindi East starter pit returned 30m at 0.25% copper from 44m and 34m at 0.27% copper from 150m, which is similar to grades seen in surrounding holes.

Last but certainly not least is hole 22CADD011, which was drilled at the southernmost end of Bindi East and intersected strong mineralisation including 42m at 0.35% copper from 28m with structural measurements consistent with a fold hinge position.

Upcoming activity

Caravel has recommenced drilling including aircore sterilisation drilling under areas nominated for future infrastructure and to generate further geotechnical design data.

Diamond drilling will also begin at Bindi West to generate geotechnical data for pit wall design with mineralised drill core to be preserved as metallurgical testwork.

The company is also advancing a Definitive Feasibility Study this year with production targeted for 2026.




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.