Proactive Investors - Run By Investors For Investors

Carnavale Resources intersects high-grade nickel and cobalt mineralisation near Kalgoorlie

Grey Dam is 80 kilometres east of Kalgoorlie and has an existing JORC 2004 mineral resource.
Carnavale Resources intersects high-grade nickel and cobalt mineralisation near Kalgoorlie
Typical soft saprolite clays highlighted in drill samples

Carnavale Resources Limited (ASX:CAV) has confirmed substantial and shallow laterite nickel and cobalt mineralisation at its Grey Dam deposit near Kalgoorlie.

The 82-hole reverse circulation (RC) drilling program defined high-grade mineralisation from surface, up to 44 metres thick and across an area of 1.2 kilometres by 1 kilometre.

It also confirmed significant cobalt mineralisation, up to 29 metres thick, overlapping the upper portions of the nickel zone.

High-grade assays

Highlighted nickel assay results from the program include: 8 metres at 1.22% nickel from 33 metres; 12 metres at 1.12% from 27 metres; 44 metres at 1% from 10 metres; 7 metres at 1.38% from 11 metres; and 10 metres at 1.16% from 22 metres.

Intercepts from the discovered cobalt domain include: 10 metres at 0.14% cobalt from 8 metres; 5 metres at 0.23% from 12 metres; 5 metres at 0.18% from 24 metres; 3 metres at 0.27% from 24 metres; and 5 metres at 0.19% from 16 metres.

Distinct cobalt-rich domain

The drilling demonstrated a strong nickel domain with a consistent higher-grade nickel horizon throughout most of the deposit.

A distinct cobalt-rich domain overlaps this high-grade nickel mineralisation, similarly starting from near surface to a maximum depth of about 30 metres.

Grey Dam’s nickel-cobalt mineralisation is hosted within a highly-weathered laterite profile with the bulk of the mineralisation hosted in the upper saprolite and soft-clay portion of the profile.

The potential for a shallow low-strip-ratio open pit is considered favourable by Carnavale, subject to a suitable extraction process being evaluated.

Upcoming resource estimate

The drilling has successfully extended mineralisation in specific areas which may provide an incremental increase in resources.

It has also provided greater definition of the internal high-grade nickel and cobalt horizons, providing the opportunity for further definition of the discrete horizons in the upcoming resource estimate.

Carnavale believes the discovered mineralisation is a significant commercial development opportunity and, along with additional exploration activities, will be undertaking metallurgical and communition test work to determine an economic extraction process.

The company’s shares were up more than 11% in intraday trading.

View full CAV profile View Profile

Carnavale Resources Limited Timeline

January 30 2017
June 12 2015

Related Articles

oil rig
May 10 2019
The core of the portfolio is in the East Midlands Basin, which includes the Wressle-1 oil discovery,
Q&A, question and answer graphic
January 18 2019
The company is focused on the prolific oil & gas producing Anadarko Basin in the US state of Oklahoma.
Rig ship
May 07 2019
COPL hopes to start appraisal drilling at OPL 226 in mid-2019, subject to finance.

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use