Caravel sails ahead with wider, higher-grade copper hit at Bindi
Link copied to
Special Report: Caravel could see improved resources and open pit mine designs for its Bindi deposit after drilling hit a wide zone of higher-grade copper mineralisation.
Initial assay results from a recently completed reverse circulation program at Bindi East hit the mineralisation from a depth of 50m.
This includes a top intersection of 112m grading 0.4 per cent copper from 92m with a higher-grade zone of 58m at 0.53 per cent copper from 134m.
Notably, the zone of stronger mineralisation remains open along strike while mineralisation remains open at depth.
Caravel Minerals (ASX:CVV) managing director Steve Abbott says the latest intersection gives the company a clearer understanding of the Bindi deposit’s grade distribution within the 2019 Scoping Study’s open pit outline.
“This is a very good intercept. It confirms a very wide zone of mineralisation with grades higher than expected for the East limb. There is good potential for improvement in resources in this area,” he added.
“The company is accelerating its work program at the Caravel Copper project and we are excited to see the current drilling confirm the robustness of our existing resources.”
Further RC drilling is underway to test strike extents while follow-up diamond drilling is planned to test the depth extent of mineralisation.
Caravel has already completed the first two of a series of planned diamond holes that is designed to provide detailed geotechnical information and additional metallurgical samples for the feasibility studies into the mining development of the Caravel project.
Significant copper sulphide mineralisation and associated molybdenite mineralisation were intersected in both the western and eastern limbs of the deposit while visual estimates indicate that copper mineralisation grades and distribution correlate with the projected zones of mineralisation down-dip of the current resource model.
RC drilling to better define the grade and continuity of copper mineralisation in shallower parts of the Bindi deposit is also underway.
Visual estimates have indicated that drilling has intersected zones of significant copper sulphide mineralisation typical of Bindi deposit though assays are required to confirm this view.
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.