Caravel Minerals (ASX:CVV), formerly Silver Swan Group, is an Australian listed gold and base metals explorer with projects throughout Western Australia and Queensland.
Silver Swan Group's (ASX: SWN) follow up reverse circulation drilling has intersected further high grade gold at its Stakewell Gold Project in Western Australia, adding to the promising results received from diamond drilling at the historic Kohinoor mine.
The company has been targeting stacked high-grade gold lodes at the historic Kohinoor open pit and underground mine, and also targeting several shallow oxide gold targets located to the east of the Kohinoor mine.
- 4 metres at 6.3 grams per tonne (g/t) gold from 28 metres;
- 8 metres at 1.0g/t gold from 38 metres; and
- 17 metres at 1.0g/t gold from 24 metres.
The results support the potential for multiple stacked high-grade lodes and for shallow oxide gold mineralisation.
Further drilling is required to properly assess these shallow targets as the project is located near under-utilised processing facilities with spare capacity to treat oxide ores.
Silver Swan’s drilling program at Stakewell has so far drilled a total of 29 holes, comprising five diamond holes (836 metres) and 24 reverse circulation holes (1,859 metres) for a total of 2,695 metres.
The previous high grade diamond drill results include: 7 metres at 5.8g/t gold from 34 metres, including 4 metres at 9.9g/t gold.
The Stakewell Gold Project is located 50 kilometres south of Meekatharra along the Great Northern Highway.
In the Meekatharra area, much of the early historic production of the late 1800's came from Silver Swan's tenement area at Stakewell (the Kohinoor open pit), 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.
Gold mineralisation at the Kohinoor mine is controlled by the intersection of banded iron formation (BIF) with high-angle cross-cutting faults and a wide zone of shearing in basaltic rocks, resulting in the formation of steeply plunging high-grade gold shoots.
All drilling results are currently being compiled in 3D to assess tonnage potential prior to drilling of an additional two new oxide target areas located nearby.
Following a recent capital raising, Silver Swan is well funded with around A$5 million to accelerate exploration of its high priority targets at both the Stakewell gold project and the Quinns VMS project.