- Carawine Resources (CWX) begins diamond drilling on two highly significant bedrock conductors at the Red Bull tenement in Western Australia
- Two diamond holes will be drilled to test the RB_B and RB_C conductors in the north
- These conductors were identified via a SQUID moving loop electromagnetic survey and modelling shows they lie within low-magnetic bodies
- Drilling is expected to take between four to six weeks to complete with results to be reported on as soon as they become available
- Carawine ends the day in the grey with shares trading at 19.5 cents
Carawine Resources (CWX) has begun diamond drilling on two highly significant bedrock conductors at the Red Bull tenement in Western Australia.
The Red Bull tenement is part of the Fraser Range Joint Venture (JV) between Carawine and IGO (IGO) who holds a 70 per cent interest.
Two diamond holes, each 600 metres in length, will be drilled to test the RB_B and RB_C conductors in the north.
In mid-July, IGO identified these conductors via a low-temperature SQUID moving loop electromagnetic (MLEM) survey.
Modelling of these conductors shows they lie within low-magnetic bodies which are likely to be mafic intrusions.
Drilling is expected to take between four to six weeks to complete with results to be reported on as soon as they become available.
Managing Director David Boyd was excited to be back on the ground and drilling.
“We’re pleased to see IGO on the ground and drilling so soon after identifying these targets at Red Bull,” Mr Boyd commented.
“The two targets are interpreted to be within prospective host rocks, and have a similar conductivity to massive sulphide mineralisation associated with the Nove-Bollinger deposit, which is just 30 kilometres up the road.”
Carawine has ended the day in the grey with shares trading at 19.5 cents in a $21.23 million market cap.