Carawine is chasing giants in Victoria and WA
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Special Report: Carawine (ASX:CWX) is a small cap explorer with tier 1 prospects.
Amongst its robust portfolio are two highlights – the advanced Jamieson gold project in Victoria and a ‘blue sky’ gold/base metals play in WA’s hottest exploration address, the Paterson Province.
Carawine has unveiled some exceptional drilling results from the high grade, near surface Hill 800 gold prospect at Jamieson.
Hill 800 is a volcanic-hosted massive sulphide (VHMS) gold-copper system with similarities to the 1.5moz Henty gold deposit in Tasmania.
Assays released in May included a 101m-long interval grading 1.44g/t gold. This included a 12m intercept grading 4.32g/t.
But the best interval so far was an astonishing 93m at 3.22g/t gold from surface, which included a 31m section at 6.64g/t gold.
About 5km south of Hill 800, Carawine has another zinc-rich VHMS-style prospect called Rhyolite Creek.
VHMS-style deposits often occur in clusters, so it was no surprise when Carawine defined five new gold prospects within 1km of Hill 800 in July.
Significantly, the new prospects are above large, regionally distinct magnetic and geochemical anomalies.
This suggests that these prospects and Hill 800 could be part of a deeper, larger scale mineralised system.
Carawine managing director David Boyd says Jamieson’s potential goes beyond Hill 800.
“To date our focus at Jamieson has rightly been on the Hill 800 deposit, and our plan to evaluate it is well advanced,” Boyd says.
“This includes a mineral resource estimate due this year, followed by further drilling to test the depth extents where mineralisation is becoming wider, and higher grade.
“However, there is a bigger picture to be considered for Jamieson, and this latest work enables us to look beyond Hill 800 and identify opportunities to discover multiple near-surface deposits potentially linked to a single underlying mineralisation source.
“We will advance these concepts as drilling recommences later this year.”
Paterson: WA’s hottest exploration address
Rio Tinto’s massive Winu discovery, along with Greatland Gold’s Havieron find, sparked a fluffy of exploration activity in the Paterson Province.
But Carawine has been pegging quality ground since 2015, which gives it enviable first mover advantage.
The company’s Paterson project is one of the few remaining 100 per cent-owned tenement packages in the region, and covering more than 1,500 km2, it is also one of the largest.
In early July the company announced exceptional geophysical results from an airborne magnetic survey over the project’s Baton tenements, about 100km north of the Nifty copper deposit and 50km west of Rio Tinto’s Winu copper-gold discovery.
Managing director David Boyd said the geophysical survey had identified magnetic anomalies with similar characteristics – and hosted in similar rocks — to Winu and Havieron.
“A signature of the recent Winu and Havieron discoveries in the Paterson region, by Rio Tinto and Greatland Gold respectively, has been bullseye magnetic anomalies located either over or adjacent to gold and copper mineralisation,” Boyd says.
“We have identified a number of similar magnetic anomalies from this survey, representing an important and exciting step for the company.
“This survey has better-defined known magnetic anomalies at Javelin and Wheeler, as well as identifying six new anomalies including one immediately adjacent to Wheeler, another further east at the new Discus prospect and a third adjacent to the Vines Fault at the new Herb prospect.”
Modelling shows these anomalies are relatively close to surface which means they can be tested with low-cost drilling methods, Boyd says.
“We will now proceed to complete detailed ground gravity surveys ahead of planning drilling programs to test these prospects later this year.”
News from the Paterson won’t be stopping there though, with results from a helicopter electromagnetic survey – the same system that helped with the Winu discovery – due in coming weeks from the Red Dog area, suggesting we can expect more targets for Carawine as it seeks to add its mark to the Paterson.