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 (ASX: SWN) has provided an update on latest electromagnetic results and drilling progress at Austin. Austin ranks as an important volcanogenic massive sulphide find near Meekatharra, Western Australia.
Silver Swan has completed three deep diamond drill holes at Austin for ~1500m. The holes are very widely spaced; DDH101 is spaced 150m down plunge from known mineralization, DDH 102 is located ~80m down plunge of known mineralization. DDH 102a is a wedge plus ~25m of navi drilling off hole DDH 102, aligning the drilling to intersect ~35m deeper into the projected plunge of mineralisation.
SWN has commenced the first of another 9 planned holes, a combination of RC and diamond drilling.
Three holes are designed to intersect mineralisation at the “open-cut” level with the purpose of increasing resource size and improving copper and zinc grade. Six holes are designed to test EM conductor positions and projected mineralised positions.
Downhole EM conductors from the most recent survey at Austin model about 30m away off the projected trend of mineralization.
The conductors as modeled from DDH101 comprises two plates; the upper conductor plate has interpreted dimensions of approximately 120m x 75m wide and the lower conductor plate modeled as approximately 190m x 150m wide.
These new targets may represent en echelon duplicate zones at Austin, and will be tested by drilling as part of the next 9 hole priority. Drilled and planned priority holes below the defined resource are shown as black and red respectively.
The company is currently sourcing an RC rig to complement and speed up the drilling at Austin.
The company is currently receiving the results of recent downhole geophysical surveys. Downhole electromagnetics has been completed at T&J, Robert (Quinns), Lady Alma and Copper Hills (Yagahong); the company is awaiting the written report.
Silver Swan will progressively update shareholders on the drilling progress and geophysics.
The company is seeking polymetallic targets with a focus on lode gold, copper-gold and volcanogenic massive sulphides in Archaean and Proterozoic terrains.