Caravel Minerals (ASX:CVV), formerly Silver Swan Group, is an Australian listed gold and base metals explorer with projects throughout Western Australia and Queensland.
Sulphide mineralisation has been intersected in initial exploratory reverse circulation drilling by Silver Swan Group (ASX: SWN), within the Quinns Project area.
The new area, called Tasman, intersected initial results as high as; 4.65% zinc within an interval of 6m at 3% zinc including 4m at 3.8% zinc, 5m at 0.4% copper, 6m at 0.18g/t gold and 8m at 6g/t silver.
Of significant importance, this new discovery is several kilometres from the company's Austin VMS deposit, which in October had diamond drilling intersections including; 12% copper, 9% zinc, 5.9 g/t gold and 63 g/t silver.
Silver Swan has already planned to commence follow-up reverse circulation drilling at Tasman early next week to test for higher grades and continuity of mineralisation.
The company said these results are significant when compared to the anomalous results from historic diamond holes drilled at Austin prior to Silver Swan’s discovery.
Furthermore, these results are down-dip of highly anomalous oxide copper and zinc mineralisation intersected and associated with a greater thickness of massive sulphides.
Metals at sub 1% (Cu, Zn, Ag, Au) are elevated across substantial intervals of up to 35m.
Downhole electromagnetic surveys will be conducted following completion of additional planned holes due to be drilled in December.
Silver Swan's strategy was to test for new VMS deposits across Quinns in addition to Austin, with these initial results from Tasman supporting the strategy.