Join our daily newsletter At The Bell to receive exclusive market insights
- Carnavale Resources (CAV) stikes high-grade gold in its first RC drilling program following successful aircore drilling at the Carnage prospect within its Ora Banda South project in WA
- The company says hits such as a one-metre zone of 9.49 grams per tonne (g/t) gold from 137 metres deep indicate a potential larger system to uncover
- CAV is now reviewing the carnage prospect and planning further exploration to unveil the source of the gold anomalism in the area
- Carnavale Resources closes 25 per cent lower at 0.3 cents on Tuesday afternoon
Carnavale Resources (CAV) has reported high-grade gold from a fresh reverse circulation (RC) drilling program at the Carnage prospect within its Ora Banda South project in WA.
The RC drilling was prompted by CAV’s recent successful aircore drilling program from which it identified three new gold prospects with “substantial” gold anomalism.
High-grade gold intersepts were found across nine RC holes, including a one-metre zone at 9.49 grams per tonne (g/t) gold from 137 metres deep, a three-metre hit at 0.45 g/t gold from 72 metres and a two-metre zone at 0.65 g/t gold from 49 metres.
βThe assays have confirmed the existing regolith anomaly and intersected a high-grade gold vein in the fresh rock that may be part of a larger system, yet to be uncovered,” Carnavale CEO Humphrey Hale said.
The high-grade gold intersected is associated with quartz veining and various minerals typical of the goldfields, including quartz, carbonate, and sericite alteration with minor pyrite.
CAV will now review the geochemistry in the area in hopes of planning further exploration at the Carnage prospect to discover the source of the gold anomalism.
Carnavale Resources closed 25 per cent lower at 0.3 cents on Tuesday afternoon.
