Join our daily newsletter At The Bell to receive exclusive market insights
- Updated MRE significantly de-risks project.
- Measured open pit resource and high-grade bonanza core confirmed.
- Mine plan utilises contract mining and toll treatment.
Carnavale Resources (ASX:CAV) has achieved a 2.5% increase in its updated mineral resource estimate (MRE) for the Kookynie gold project near Leonora in Western Australia. The MRE features a total resource 855,000 tonnes at 4.4 grams per tonne for 120,000 ounces of gold, for a 2.5% increase on the July 2025 MRE.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more
The update also confirmed the bonanza zone within proposed open pit depths, which remains open at depth. MD, Humphrey Hale, said the MRE upgrade is part of the company’s strategy to develop the project as low-capex, open-pit, then transition to an underground mining operation utilising contract mining and toll treatment of the ore at a nearby third- party processing plant.
“We are very pleased with the revised MRE as it significantly enhances the shallow potential open pit resources that confirms the continuity and grade within the bonanza gold zone,” Mr Hale told Carnavale shareholders today.
“The new drilling converts the shallow open pit resource to 58% Measured and an overall 81% in measured and indicated, which significantly de-risks… in terms of grade distribution, ore scheduling and is expected to strengthen the financial outcomes during the important initial two years of open pit mining.”
Mr Hale told shareholders the BFS is progressing as planned, with detailed metallurgical results expected shortly. “We have already commenced the open pit optimisations for the BFS, incorporating revised geotechnical information, revised revenue factors and the improved gold price since the last study.”
He continued: “The Kookynie gold project represents a rare high-grade and valuable near-term mining opportunity in the heart of the Eastern goldfields of Western Australia.”
The project’s bankable feasibility study (BFS) remains on time and on budget and will include the new updated resources.
CAV is steady at 11¢. Mkt cap $44.92M.
Join the discussion: See what HotCopper users are saying about Carnavale Resources Ltd and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
