Carnavale Resources Limited (ASX:CAV) (FRA:YBB) has secured additional gold-prospective ground adjacent to its Kookynie Gold Project (KGP) south of Leonora in Western Australia.
Tenement P40/1480 covers approximately 6 square kilometres and is strategically located between the Kookynie project and Metalicity Ltd’s (ASX:MCT) Leipold and McTavish projects which are being drilled.
This drilling by Nex Metals Explorations Ltd (ASX: NME) has returned 10 metres at 7.44 g/t gold from 108 metres, 2 metres at 35.23 g/t from 124 metres and 4 metres at 16.3 g/t from 42 metres at Leipold and 5 metres at 17.9 g/t from 48 metres at McTavish.
Multiple prospective structures are interpreted to extend into the new tenement area with limited systematic modern exploration completed.
“Growing a pipeline”
Executive chairman Ron Gajewski said: “Carnavale is growing a pipeline of West Australian gold and nickel exploration opportunities.
"Our latest acquisition demonstrates the company’s strong belief in the prospectivity of the Kookynie area, targeting shallow high-grade gold mineralisation.
"Drilling is underway at Grey Dam targeting nickel sulphides and a planned aeromagnetic survey is well advanced for the Kookynie project.”
Belief in prospectivity
This acquisition demonstrates the company’s belief in the prospectivity of the Kookynie Mining Camp.
The Kookynie camp, 60 kilometres south of Leonora and 150 kilometres north of Kalgoorlie in Yilgarn Craton, has historically produced in excess of 650,000 ounces of high-grade gold since the 1890s.
Location of Carnavale’s Kookynie Gold Project.
P40/1480 is immediately adjacent to Metalicity’s high-grade Leipold and McTavish prospects.
Exploration has been dominated by historic prospecting and remains largely under-explored by modern exploration, as the geology is dominated by sheetwash and transported alluvium which hampered early explorers.
A review of the open file data on the tenement within the WAMEX system indicates that there has been 16 RAB holes, drilled in 1999 and two RC drill holes drilled in 2005 to a maximum depth of 80 metres with a best result of 1.04 g/t from 54 metres.
The historic, high-grade gold mines that have been exploited in the Kookynie area, are all in sub cropping or outcropping areas.
Kookynie mineralised trends showing new tenement acquisition.
Carnavale aims to unlock the potential for high-grade gold mineralisation beneath the cover utilising modern exploration techniques including a detailed aeromagnetic survey and modern aircore drilling with follow-up RC drilling planned.
The company is planning targeted and systematic exploration of the KGP tenements utilising modern exploration techniques that have been effective in areas of cover.
This program includes:
- A new detailed aeromagnetic survey and interpretation during the December quarter;
- Aircore drilling aiming to test the interpreted structural trends bedrock gold mineralisation under the thin transported cover; and
- Follow-up RC drilling, subject to positive aircore drilling results.
Carnavale is acquiring P40/1480 from Duane Briggs for total consideration of $10,000 payable in cash plus the issue of 1.5 million ordinary shares.