Special Report: Victorian explorer Carawine says a new high-grade discovery is further evidence of a “fertile copper-gold porphyry mineral system” at Hill 800.

Carawine’s (ASX:CWX) rapidly evolving porphyry gold-copper story at Hill 800, part of the Jamieson project, has sparked an ~80 per cent share price increase over the past six months.

Successful exploration in 2019 returned appealing intersections like 5m grading 24.1 grams per tonne (g/t) gold from 203m within a broader 43m zone at 4.24g/t gold from 177m.

Anything above 5g/t is generally considered high grade.

This work also discovered a porphyry source to the mineralisation and identified the potential for large porphyry systems in the broader project area.

Today’s results successfully targeted extensions to the porphyry-related mineralisation at Hill 800.

The first diamond drill hole of the current program returned 11m at 9.87g/t gold, 0.3 per cent copper and 14.6g/t silver, including 4m grading 26.7g/t gold, 0.7 per cent copper and 38.7g/t silver, 179m from surface.

This latest high-grade interval is from a new semi-massive sulphide lens about 50m from the main mineralised zone at Hill 800. It is open down-dip and along strike into areas untested by drilling, Carawine says.

Importantly, key geochemical indicators are elevated in both reported intervals, “supporting evidence that the Hill 800 mineralisation is within the upper levels of a fertile copper-gold porphyry mineral system”.

This is just the first hole of the current program exploring the depth extents of Hill 800. Carawine is yet to define the edges of the mineral system, managing director David Boyd says.

“We have established that the host rocks and mineralising fluids were likely sourced from a fertile copper-gold porphyry system, and that the more we drill the more we grow the potential size and grade of the deposit,” he says.

“It is therefore exciting to think what the rest of this program will deliver in terms of grade and mineralisation styles, and we look forward to presenting those results as they are received.

“We are also looking forward to drilling the first of several magnetic anomalies identified as potential porphyry targets, expected to commence within the next two weeks.”

A second diamond drill hole targeting the main mineralised zone was recently completed to a depth of 446m, with results expected within the next four weeks. A third drill hole is currently in progress.

NOW READ: Barry FitzGerald — Carawine eyes big-time porphyry potential at Hill 800

 

This story was developed in collaboration with Carawine, a Stockhead advertiser at the time of publishing.
This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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