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Caravel Minerals Ltd.
Summary
| Project: | Calingiri | |
|---|---|---|
| Deposit: | Bindi, Dasher | |
| Location: | Australia | |
| Commodities: | Copper-Molybdenum-Silver-Gold | |
| Date: | 6/22/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 22-6-2017: Caravel Minerals Ltd. announces an Exploration/Drilling Update report for its Bindi, Dasher deposit at the Calingiri project. Drilling results incl. 96m @ 0.14% Cu, 20.7ppm Mo, 0.4ppm Ag from 4m. Caravel Minerals Limited (ASX: CVV) (“Caravel” o | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Tony Poustie (Internal) | |
| ABSTRACT: | Caravel Minerals Limited (ASX: CVV) (“Caravel” or “the Company”) is pleased to report on the results of initial programs of RC drilling at the Dasher East, Bindi SW and A1 Prospects. Caravel Chief Executive, Marcel Hilmer, said “The assay results further demonstrate that the Calingiri Project retains tremendous growth potential. These recently defined prospects, will likely, significantly add to the project’s already very large inventory of copper-molybdenum resources. “Based on the strength of these results we are now planning for additional exploration programs that will include IP surveys and RC drilling. Our corporate advisors, KPMG, have commenced a process to find a suitable strategic partner to help fund the work programs and we remain excited at the prospect of progressing Western Australia’s second largest contained copper project to the next stage of development.” The Company released a Scoping Study for Calingiri on 28 June 2016. The study has determined that Calingiri demonstrates robust project fundamentals with low technical risk. It contemplates the codevelopment of three open pits, located 120km to the northeast of Perth in Western Australia (Figure 2). Central to the project is the construction of a stand-alone 15 million tonne per annum (Mtpa) ore processing facility. The Company considers the project is economically viable based on its ability to pay back project start-up capital and provide ongoing positive operational cash flows. | |
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