Caravel has eyes on the copper prize at Bindi

Visual observations of copper sulphide mineralisation have highlighted the potential for significant depth extensions at Caravel’s Bindi deposit.

While assays are currently unavailable, visual estimates of chalcopyrite (a common copper mineral) abundance in the deep diamond core holes indicates that copper mineralisation grades and distribution correlates well with the projected zones of mineralisation down-dip of the current resource model.

Visual estimates are certainly no replacement for laboratory assays but it does hint strongly that Caravel Minerals (ASX:CVV) could see a substantial boost to its existing resource of 662Mt grading 0.28 per cent copper for 1.86Mt of contained copper.

The company certainly agrees and is now preparing an exploration target to provide guidance on the potential resource increase at Bindi.

Diamond drilling is ongoing to provide resource, detailed geological and geotechnical information along with additional metallurgical samples for ongoing feasibility studies into the mining development of the Caravel copper project.

Reverse circulation drilling to identify higher grade areas of mineralisation at the Bindi east limb and to increase confidence in their continuity is ongoing.

Once again, visual estimates have indicated that drilling has intersected copper sulphide mineralisation that largely conforms to expectations based on surrounding drill traverses, though a number of new zones of stronger mineralisation have been identified.

caravel minerals bindi copper — Cross section of the Bindi deposit showing location of recent diamond drill hole collars and historical drilling intersections. (Zones of significant sulphide mineralisation are based on visual estimates only). Pic: Supplied

Further work

Besides the pending assays from diamond and RC drilling at Bindi, Caravel is also awaiting assay results from five RC holes that it drilled at the Opie deposit.

These holes were drilled to test a new geological interpretation for the geometry of the deposit and assess potential for higher grade resources near surface.

It has also started a 16-hole RC drilling program totalling 2,700m at the Dasher deposit that seeks to extend the known mineralised zone in the Dasher and Dasher East areas while providing information to support a resource update.

This is expected to be completed in March alongside the ongoing drilling at Bindi.

Caravel is also planning to carry out further diamond drilling at Bindi to obtain further metallurgical samples along with several holes for geotechnical evaluation of proposed pit wall locations undertaken to support a geotechnical study being completed as part of pre-feasibility studies.

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.