- Caravel Minerals (CVV) has been granted a new exploration licence near Dalwallinu, approximately 100 kilometres north of the Caravel Copper Project
- The Dalwallinu Project is a new exploration project and currently comprises one granted licence and three licence applications
- These licence applications were made earlier this year after Chalice Gold Mines’ Julimar discovery
- While Caravel has had its sights set on the Yilgarn Craton area for years, the Julimar discovery has caused it to accelerate exploration plans
- Company shares are up 20 per cent and trading for 3 cents each
Caravel Minerals (CVV) has been granted a new exploration licence near Dalwallinu, approximately 100 kilometres north of the Caravel Copper Project.
The Dalwallinu Project is a new exploration project for the company and currently comprises one granted licence, E70/5400, and three licence applications.
These licence applications were made earlier this year after Chalice Gold Mines’ Julimar discovery.
While Chalice’s discovery has attracted significant interest to the area, Caravel has been exploring the Yilgarn Craton long before. However, since the Julimar discovery, the company has accelerated plans to secure tenure over the area.
Caravel owns a database of around 93,000 geochemical samples that were collected by Dominion Mining between 1998 and 2010 and from which the Caravel copper porphyry deposits were discovered.
In the past year, the company has been evaluating areas of interest based on this data, as well as regional geophysical and open file data.
Next steps for the company include reconnaissance work and stakeholder consultation for the new project areas.
As for its namesake copper project, Caravel is currently engaging with landowners and other stakeholders.
Company shares are up 20 per cent and trading for 3 cents each at market close.