Special Report: Caravel Minerals (ASX:CVV) has picked up a new exploration licence at its Toolbrunup project in WA that could host a Julimar lookalike.

The Toolbrunup nickel, copper and platinum group metals (PGM) project covers a previously unrecognised mafic intrusion that was identified by the company from airborne magnetic survey data.

Notably, the 15km long magnetic structure is similar in style and scale to the Gonneville intrusive complex where Chalice Mining (ASX:CHN) discovered the exciting Julimar project.

Geochemical sampling results from both open file reports and Caravel’s proprietary database shows significant anomalies for both nickel, copper and platinum over the magnetic anomaly, which has no surface exposure due to surface weathering and shallow cover.

Julimar also has similar reported levels of anomalous geochemistry within the surface weathering profile, further increasing the prospectivity of the Toolbrunup project area.

Caravel has already completed reconnaissance field visits and has started consultations with landowners.

Caravel Minerals toolbrunup nickel copper location project
Location of the Toolbrunup Ni-Cu-PGM Project. Pic: Supplied


Nickel Sulphide Targets

Toolbrunup is amenable to a simple and low cost geological, geochemical and geophysical evaluation and the company’s initial exploration will comprise further surface geochemistry and completion of electromagnetic surveys.

This work program is aimed at identifying massive nickel sulphide targets for drill testing.

The new licence covers about 114sqkm and was granted for a five-year term.

This article was developed in collaboration with Caravel, 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.