Company
ASX:CAV
Carnavale Resources Ltd is a West Australian based, mineral exploration company. The company is focused on acquiring and exploring high quality and advanced exploration and development projects prospective for gold, nickel, PGE and strategic minerals associated with the electric vehicle battery sector including other new-age disruptive technologies. It has brought together a team of experienced exploration geologists, with a history of exploration success, to unlock the potential of Carnavale’s exciting exploration opportunities.
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Funds raised will be used to acquire the Barracuda Project Project, around 60 kilometres east of the gold mining town of Mt Magnet in WA, as well as fund initial exploration work and provide working capital.
The program was aimed at extending anomalies previously outlined in phase 1 aircore drilling in December 2020.
The company is raising $2.22 million in a placement with funds to acquire the Barracuda project and fund an initial exploration program along with ongoing exploration at existing projects.
The second phase of drilling at Kookynie is part of a systematic exploration approach targeting high-grade gold mineralisation associated with structural corridors.
The second phase of drilling at the Kookynie Gold Project is part of a systematic exploration approach employed by the company targeting high grade gold mineralisation associated with structural corridors.
The initial drilling campaign identified three anomalies which the company believes could represent a secondary supergene gold enrichment that has developed over a primary gold deposit.
The company has completed an aircore drilling program targeting high-grade gold mineralisation and has submitted all samples to the laboratory for multi-element analysis plus gold fire assay.
The company is encouraged by the outcome of the recent aeromagnetic survey, which has identified abundant structural targets that have the potential to host high-grade gold mineralisation.
The samples have been dispatched to the ALS laboratory in Perth for analysis, with results expected in December 2020.
The company has identified five priority targets to be drill tested and will commence a downhole electromagnetic survey (DHEM) on three of the targets in the December quarter.
The company has recently added two highly prospective gold projects to its portfolio and is planning electromagnetic surveys, aircore drilling, soil sampling and other exploration activities in coming months.
The company is pushing forward with exploration plans on its expanded tenement portfolio, with fieldwork at the Kookynie Gold Project expected to be completed before Christmas.
It continues to actively evaluate new projects ranging from early greenfields exploration to advanced near-term resource potential with a focus on tin, lithium, cobalt, silver, nickel, gold and copper.
The company has signed a 24-month option to acquire 80% of the Ora Banda South Project, covering around 25 square kilometres in the highly prospective Yilgarn Craton.
The company has secured additional ground between the KGP and Metalicity’s Leipold and McTavish projects where there has been exploration success.
Eight reverse circulation and diamond holes will be drilled for about 1,500 metres targeting four priority areas with five target EM horizons.
Diamond drilling at the project now totals 10 holes for 1,695 metres of the planned 2,000.
The nickel-cobalt deposit is shallow and flat lying, with the laterite-style mineralisation occurring from surface to around 50 metres depth.
Two additional larger capacity drill rigs have arrived on site and are intended to accelerate the program.
Grey Dam is 80 kilometres east of Kalgoorlie and has an existing JORC 2004 mineral resource.
Carnavale Resources (ASX:CAV) has been granted a trading halt by the ASX, pending details of a capital raising.
Carnavale Resources Ltd (ASX:CAV) has commenced a drilling program at the Lake Roe project in Western Australia to test gold mineralisation which remains open at the end of existing drill holes.
