Gold: Carawine is drilling in Victoria with one eye firmly on Winu nearology play
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Junior explorer Carawine Resources (ASX:CWX) has completed the first round of drilling at Hill800 — a core part of its Jamieson gold project in North-East Victoria.
After commencing in February, the company says its drilling program is on schedule with four diamond drill holes now completed and a fifth one in progress.
Assay results from the first two drill holes are expected within the next two weeks, and managing director David Boyd called the current exploration phase “exciting”.
He said the first two drill holes have targeted areas in the Stringer Zone which haven’t been previously drilled, and where initial testing suggests an increased chance of higher mineralisation.
The company highlighted four mineralised zones targeted by the current drilling program, ranging between 4.45 and 22.1 grams per tonne.
“We look forward to announcing further updates on the testing of this target as results are received,” Boyd said.
Shares in Carawine initially rose by almost 4 per cent before falling back to even at 13.5 cents.
Eyes on Paterson
In addition to its current drilling program, Carawine said it will also commence on-ground exploration programs in April for a number of additional prospects at Jamieson.
However, when drilling in Victoria has been completed the company said it will immediately shift its focus to WA.
Specifically, its project in the Paterson province adjacent to Rio Tinto’s huge copper-gold discovery (codename: Winu).
Rio confirmed the worst-kept secret in mining late last month, when it advised the market that mineralisation at the site ran deep — really deep.
Not surprisingly, Carawine is pretty keen to take a look itself.
“Once the drilling program at Hill 800 has been completed we will immediately commence on ground field activities at the Company’s Paterson Project,” Boyd said.
He said the Rio discovery, along with that of Greatland Gold PLC (listed on the UK’s secondary AIM exchange) at Havieron, have “sparked a significant growth in exploration activity in the region”.