- Caravel Minerals’ (CVV) Caravel Copper Project pre-feasibility study on track for delivery by the end of March
- The pre-feasibility (PFS) mining studies are based on the new resource released in November 2021, and have been classified as measured, providing high confidence for the mine planning and early grade schedules
- The company says work has been largely completed on mine design and planning, with all other areas progressing as planned
- The completion of the PFS is hoped to position the project to enter the definitive feasibility study phase
- Caravel Minerals shares up 1.52 per cent, trading at 33.5 cents
Caravel Minerals (CVV) has reported its pre-feasibility study for the Caravel Copper Project in Western Australia is on track for delivery by the end of March.
The project is located near Wongan Hills, 150 kilometres north-east of Perth, offering a porphyry-style chalcopyrite sulphide mineralisation. The project has a mineral resource of 1.18 billion tonnes at 0.24 per cent copper and 48 parts per million molybdenum for 2.84 megatons of contained copper.
The pre-feasibility (PFS) mining studies are based on the new resource released in November 2021. Parts of the resource are based on 50 metres by 50 metres infill drilling and have been classified as measured, providing high confidence for the mine planning and early grade schedules.
The company said work has been largely completed on mine design and planning, with all other areas progressing as planned.
The mine plan has been based on diesel-electric trucks, drill rigs and shovels, using grid connected electric power. These technologies are said to allow substantial advantages in fuel cost, emissions reduction, performance and availability.
Preliminary mine schedules from the new designs showed strip ratios and ore grades consistent with the previous scoping study model, however further work has been planned to access higher-grade ores earlier in the schedule.
The completion of the PFS is hoped to position the project to enter the definitive feasibility study phase.
Caravel Minerals shares were up 1.52 per cent, trading at 33.5 cents at 4:10pm AEDT.