Caravel Minerals (ASX:CVV), formerly Silver Swan Group, is an Australian listed gold and base metals explorer with projects throughout Western Australia and Queensland.
Polymetallic explorer Silver Swan Group (ASX: SWN) has updated the market on the company's tenements, which are located in the highly prospective Murchison Province of the Yilgarn Craton, Western Australia.
First of all at the Stakewell Gold Project, Silver Swan is following up recent high grade gold intersections with a reverse circulation program.
This includes targeting the highly encouraging oxide gold mineralisation identified east of the historic Kohinoor open pit gold mine, where over 66,000 gold ounces were mined.
The recent round of drilling at Stakewell has returned encouraging gold mineralisation in 7 of 11 holes drilled, and will now be followed up by deeper drilling to target higher grade mineralisation.
Adding further potential to the project, three additional locations have been identified with the potential for oxide gold mineralisation.
Previous high grade hits at Stakewell by Silver Swan include:
- 8 metres at 5.7 grams per tonne (g/t), including 5 metres at 8.6g/t from 22 metres;
- 7 metres at 5.8g/t, including 4 metres at 9.9g/t from 34 metres; and
- 10 metres at 3.2g/t, including 5 metres at 5.3g/t from 259 metres.
One further bonus for Silver Swan at Stakewell is that there are two underutilised mills nearby (Burnakura and Yaloginda), requiring oxide feed - adding the possibility that an ore processing agreement could be struck in the future.
Secondly at the Quinns VMS Project, diamond drilling will kick off next week on two high priority prospects, being Flinders and Murchison Wonder.
At Murchison Wonder, three reverse circulation holes have already been completed, while at Flinders one hole has been drilled, with results currently pending.
Highlighting the potential at Quinns, the Austin deposit was discovered in 2008, with a maiden Resource defined within 18 months, which comprises 1.48 million tonnes at 1.02% copper, 1.39% zinc, 0.24g/t silver and 3.31g/t gold.
Considering VMS deposits tend to occur in clusters, this bodes well for the prospectivity for the new drilling campaign covering the Flinders and Murchison Wonder areas.