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Special report: The share price of battery metals hopeful Carnavale Resources jumped 22 per cent after it confirmed significant high grade — and very shallow – nickel laterite and cobalt mineralisation at its Grey Dam project near Kalgoorlie.

A comprehensive drilling program hit strong nickel and cobalt mineralisation from surface up to up to 44m thick and across a 1.2km by 1.0km area.

Results included 8m at 1.22 per cent nickel 33m from surface, and 10m at 0.14 per cent cobalt 8m from surface.

A second nickel cobalt target remains untested, Carnavale said.

Carnavale is now evaluating the potential for a shallow, low strip ratio open pit at Grey Dam.

A resource update, metallurgical test work, and assessment of the deeper nickel, copper and cobalt potential at Grey Dam is now planned.

Carnavale acquired the Grey Dam nickel cobalt project in March this year.

Grey Dam location
Grey Dam location

The project is considered prospective for shallow laterite nickel cobalt; and deeper nickel, copper, cobalt, and gold.

Battery metal bullish

Following a change in strategy, Carnavale has picked itself up some promising projects in addition to Grey Dam that are highly prospective for nickel, cobalt and tin – repositioning it as a battery metals player.

Carnavale has focused on acquiring advanced exploration and near-term development projects where high impact programs can achieve above average returns for shareholders. The company’s approach has been to focus on high technical merit projects where earn-in agreements and cost is dominantly designed around “value add drilling programmes” as part of the equity earn-in phase rather than high upfront purchase costs.

 

 

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