Carnavale Resources looks to unlock future potential at Kookynie Gold Project in WA
- Carnavale begins initial Ora Banda South aircore drilling targeting gold
- Carnavale Resources looks to future exploration following June quarter work program
- Carnavale Resources kicks off its first aircore drilling at Ora Banda
Quick facts: Carnavale Resources Ltd
Price: 0.0075 AUD
Market Cap: $18.23 m
About the company
Carnavale Resources Limited (ASX:CAV) is a Western Australia-based resources company focusing on exploration and development projects with prospectivity for gold, nickel, precious metals and strategic minerals associated with the electric vehicle battery sector.
The company has four exploration projects — the Kookynie Gold Project, the Ora Banda South Gold Project, the Grey Dam Nickel Project and the Barracuda Copper-Nickel-PGE Project — targeting high-grade gold and nickel sulphides close to Kalgoorlie in WA’s Goldfields.
Carnavale is evaluating new projects, ranging from early greenfield exploration to advanced near-term resource potential, with a focus on tin, lithium, cobalt, silver, nickel, gold and copper in prospective geological regions.
How it is doing
Ora Banda’s geological setting is analogous to the +2.5 million ounces at +4g/t Invincible Gold Mine, discovered by Gold Fields Limited near Kambalda in 2012.
Further to this, the Ora Banda region is highly prospective, with several mines operating in the local area. Historic mines include Siberia, Bullant, Mt Pleasant, Cashmans and Lady Bountiful within 15 kilometres of the project.
Previous soil sampling conducted by Carnavale confirmed historic gold anomalies and identified multiple additional +50ppb gold in soil anomalies coincident with arsenic in soil anomalies.
Carnavale Resources Limited (ASX:CAV) has expanded gold in soil anomalies after completing a soil sampling program and gathering 1,100 samples across the Ora Banda South Project in the Yilgarn Craton of Western Australia.
The sampling has confirmed historic anomalies and identified multiple coherent plus-50 parts per billion (ppb) anomalies within broader plus-20 ppb anomalous zones.
Carnavale Resources Limited has exercised its option to acquire 80% of the WA-based Kooykynie Gold Project from Western Resources Pty Ltd.
The explorer secured the option back in August 2020, adding the first gold project to its nickel sulphide exploration portfolio.
Insight: Carnavale Resources looks to future exploration following June quarter work...
Carnavale Resources Limited (ASX:CAV) has recapped its June quarter activities as it continues the hunt for the next high-grade gold, platinum group element (PGE) and nickel sulphide deposits in Western Australia.
The ASX-listed explorer will conduct reverse circulation (RC) drill testing, electromagnetic surveying soil sampling across its precious and base metal assets for the remainder of 2021 following exploration in FY21’s final quarter.
What management says
Carnavale Resources Ltd (ASX:CAV)'s Humphrey Hale tells Proactive they've started its initial aircore drilling program at the Ora Banda South Project near Kalgoorlie in WA targeting gold mineralisation. Ora Banda’s geological setting is analogous to the +2.5 million ounces at +4g/t Invincible Gold Mine, discovered by Gold Fields Limited near Kambalda in 2012.
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