Proactiveinvestors Australia

Caravel Minerals www.caravelminerals.com.au/

Caravel Minerals (ASX:CVV), formerly Silver Swan Group, is an Australian listed gold and base metals explorer with projects throughout Western Australia and Queensland.

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Silver Swan Group kicks off drilling on five Meekatharra gold exploration targets

Perth based Silver Swan Group (ASX: SWN) has commenced a 3000m reverse circulation drilling (RC) programme on five exploration prospects near Meekatharra, Western Australia, focused on testing for oxide-related gold mineralisation.

In the Meekatharra area, much of the production of the late 1800’s came from Silver Swan’s tenement area at Stakewell (Kohinoor), Abbotts (Mt Vranizan and New Murchison King) and Quinns (Koladbro, Cornstalk, Parramatta, Nowthanna, Murchison Wonder, Wallaby, Nuggety and Olympic).

These areas have received only limited modern exploration despite the proximity to producing gold mines at Bluebird-Yaloginda and Gabanintha.

At Nowthanna in the Quinns project area, five reverse circulation drillholes for a total of 670m will test gold mineralisation intersected at shallow depths in past RAB drilling. Previous drilling intersected anomalous gold over widths up to 10m.

Anomalous zones include 9m @ 4.68g/t Au from 28m and 7m @ 2.9g/t Au from 27m. Drillholes will test to a maximum depth of 150m.

At Koladbro, in the Quinns project area, four reverse circulation holes for a total of 550m will test lode gold mineralisation previously delineated by historic RAB drilling.

Historic intersections include 3m @ 4.48g/t Au and 6m @ 3.36g/t Au. There are old workings on steeply dipping NW trending quartz veins cutting shallow dipping pyrite-rich banded- iron formation rocks (BIF) in the area.

Drilling will be directed through the BIF and test the projections of two separate N to NW trending structures intersecting the BIF.

At T&J, also in the Quinns project area, targeting gold & copper-zinc mineralisation, downhole electromagnetics has outlined an anomalous response in drillhole 10TJD001 centred about 90 metres down-hole.

An off-hole target is located below the drillhole as a plate-like conductor approximately 60 x 35 metres in dimension.

A 150m deep RC hole will test this conductive plate. 10TJD001 intersected highly anomalous zinc (up to 1.18%Zn) and copper (up to 0.44% Cu) over 18m from 65m to 93m depth. The conductive plate is located further in the footwall of the felsic volcanic rocks.

At Bourkes Reward, in the Bourkes project area, located 15km south-east of Meekatharra, the area is dotted with old shafts and extensive dry blowing for gold detecting.

Previous drilling by Silver Swan Group revealed deep weathering profiles and returned multiple gold intersections in most drillholes with a best result of 3m @ 5.7g/t Au.

The company has planned 10 RC holes, of 100-170m depth for a total of 1,200m. Drilling is targeting oxide gold mineralisation.

At Stakewell, in the Stakewell project area 55km south-west of Meekatharra, past gold production has amounted to ~66,000oz Au from the old Kohinoor mine located within intercalated mafic schist and banded iron formation.

The company has planned 4 RC holes to test lode gold potential associated with mafic volcanics and banded iron formation.

With $7 million cash in the bank, Silver Swan well placed to focus on extensions to the existing mineralization.

On October 27, diamond drilling intersected very high grades of 12% copper, 9% zinc, 5.9 g/t gold and 63 g/t silver, at Austin, which is within Silver Swan's Quinns Project.

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