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Caravel Minerals Ltd.
Summary
| Project: | Caravel | |
|---|---|---|
| Deposit: | Bindi | |
| Location: | Australia | |
| Commodities: | Copper-Molybdenum-Silver-Gold | |
| Date: | 2/20/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 20-2-2019: Caravel Minerals Ltd. announces an Exploration/Drilling Update report for its Bindi deposit at the Caravel project. Drilling results incl. 202.0m @ 0.31% Cu from 116m. Caravel Minerals Limited (ASX:CVV, “Caravel” or “Company”) is pleased to ann | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Peter Pring, Andrew McDonald (Internal;Independent) | |
| ABSTRACT: | Caravel Minerals Limited (ASX:CVV, “Caravel” or “Company”) is pleased to announce the results from the first four holes of the recently completed Reverse Circulation (“RC”) drilling program at the Caravel Copper Project’s Bindi deposit. Laboratory assays have confirmed that all four holes intersected wide zones of copper mineralisation. The relative position of all copper sulphide intersections supports the new geological interpretation of the Bindi deposit. Holes 19CARC003 and 19CARC004 successfully targeted positions extensional to the recently announced Caravel Copper Project Mineral Resource of 366Mt at 0.35% Cu (using a 0.25% Cu cut‐off) for 1.28Mt of contained Cu. Highlights from the first four holes drilled at Bindi are presented in Table 1, while a summary of all significant intersections are presented in Table 2 Holes 19CARC003 and 19CARC004 tested the new geological model for Bindi East. Recent core drilling indicated the East limb dipped to the west, instead of the previous interpretation of a shallow easterly dip. The new RC holes were designed to test for down‐dip extensions of the East limb and both holes intersected wide zones of copper mineralisation in the positions predicted by the new model. Drilled at a dip of ‐70° to the east on section 6,574,100mN, 19CARC003 initially passed through a shallow zone of mineralisation (8m @ 0.25% Cu from 42m) in partially weathered rock which correlates well with the up‐dip position of the footwall portion of the West limb. The East limb was subsequently intersected at a depth of 166m, returning 88m @ 0.25% Cu. Hole 19CARC004 was drilled 400m south of 19CARC003 at ‐70° to the east. The thickness of mineralisation intersected in 19CARC004 was significantly wider than anticipated, with the hole returning 202m @ 0.31% Cu from 116m, including 18m @ 0.40 % Cu from 198m, 18m @ 0.45% Cu from 232m, and 26 m @ 0.57% Cu from 284m (Figure 1). Having tested the primary target, 19CARC004 was terminated in mineralisation at a downhole depth of 318m due to concerns that the rig was approaching the depth limits at which it could safely continue to drill. | |
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