- Caravel Minerals (CVV) has received results from the recently completed reverse circulation (RC) drilling program at the Bindi Copper Deposit in WA
- The current drilling program is aiming to identify high-grade material and confirm the occurrence of copper mineralisation
- Caravel has received results for eight of the recently completed holes, which saw copper grades peak at 0.55 per cent
- RC percussion and diamond drilling is continuing to further define the continuity of higher-grade zones and support future feasibility studies
- Two RC and one diamond rig are operating on site, and further updates will be made as results become available
- Caravel is up 4.76 per cent on the market, and shares are trading at 22 cents
Caravel Minerals (CVV) has received results from the recently completed reverse circulation (RC) drilling program at the Bindi Copper Deposit.
The Bindi Copper Deposit lies within Caravel’s namesake project, which is situated near Wongan Hills in Western Australia.
The current RC drilling at Bindi is aiming to identify high-grade material and confirm the occurrence of copper mineralization.
Caravel has received results for eight of the recently completed holes, but unfortunately two were abandoned before reaching target depth due to drilling issues.
Significant results include 28 metres at 0.55 per cent copper, and 104 metres at 0.29 per cent copper including 20 metres at 0.50 per cent copper.
These results show wide zones of mineralisation and confirm visual estimates previously identified.
“Drilling is continuing to improve our geological confidence in resources at the Bindi Deposit,” Managing Director Steve Abbott said.
“These results will be incorporated in a resource estimate update and the high-grade zones will be a key focus in the current pre-feasibility studies,” he added.
RC percussion and diamond drilling is continuing to further define the continuity of higher-grade zones and support future feasibility studies.
Two RC and one diamond rig are now operating on site and further updates will be made as results become available.
Caravel is up 4.76 per cent on the market and shares are trading at 22 cents at 4:01pm AEST.