Join our daily newsletter At The Bell to receive exclusive market insights
- Cavalier Resources (CVR) hits high-grade gold in assays from its Crawford gold project in Western Australia
- The latest results come from the company’s maiden reverse circulation drill program, which aimed to increase its confidence in the current 101,000-ounce gold resource and test for mineralisation extensions at depth and along strike
- The company intercepted nine metres at 3.84 g/t gold from seven metres, including four metres at 5.57 g/t gold from 12 metres
- Cavalier says the results confirm the potential to increase the current Crawford resource along strike and at depth
- Shares are trading 17.2 per cent higher at 17 cents each at 11:56 am AEDT
Cavalier Resources (CVR) has hit high-grade gold in assays from its Crawford gold project in Western Australia.
The latest results came from the company’s maiden reverse circulation drill program, which aimed to increase its confidence in the current 101,000-ounce gold resource and test for mineralisation extensions at depth and along strike.
The company intercepted nine metres at 3.84 grams per tonne (g/t) gold from seven metres, including four metres at 5.57 g/t gold from 12 metres.
Cavalier said the results confirmed the potential to increase the current Crawford resource along strike and at depth.
Additionally, CVR drilled several new untested northern exploration targets but did not encounter significant intercepts of gold.
It plans to re-assay these holes for other potential types of mineralisation.
Executive Technical Director Daniel Tuffin said the results were extremely encouraging.
“The resource at Crawford had previously been extensively drilled; however, historic drilling was only carried out to shallow depth,” he said.
“Cavalier’s drilling confirms that significant gold mineralisation exists beneath historic drilling, with multiple holes ending in mineralisation at depth.”
Shares were trading 13.8 per cent higher at 16.5 cents each at 11:56 am AEDT.
