viewCarnavale Resources Ltd

Carnavale Resources moves swiftly with intensive exploration at expanded Kookynie Gold Project

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.

Carnavale Resources Ltd - Carnavale Resources makes strategic acquisition and commences intensive exploration at Kookynie Gold Project
The company is well-funded to execute its fast-tracked exploration strategy

Carnavale Resources Limited (ASX:CAV) is moving swiftly forward with a program of modern and structured exploration at the expanded Kookynie high-grade gold project in the Leonora region of WA's Eastern Goldfields.

This program includes detailed multi-element soil sampling, a detailed aeromagnetic survey, 6,000 metres of aircore drilling and the acquisition of additional strategic prospective ground.

It is anticipated that the fieldwork component will be completed prior to Christmas, with results following thereafter.

"Systematic approach"

Carnavale executive chairman Ron Gajewski said: “Carnavale continues to expand its holdings at the Kookynie Gold Project as part of the company’s strategic exploration plan for the area.

“We have taken a systematic approach to exploring the ground by analysing the information available and applying an integrated program of geochemistry, geophysics and geology.

“Carnavale is wasting no time in getting on the ground to search for high grade gold within this very under explored tenement package.

“The company is well funded with approximately $3.5 million cash at 30 September 2020 to execute this fast tracked program.”

As part of this strategy, Carnavale has acquired 100% of tenement application E40/394, which represents 4,500 hectares of exploration ground within the prospective Melita formation - the host sequence to the Ulysses-Orient Well mining camp that has produced more than 1.5 million ounces of gold.

Carnavale is acquiring E40/394, from prospector Bruce Legendre, who himself acquired the tenement through the DMIRS ballot process, for a total cash consideration of $5,000 +GST plus a 1% royalty on gross revenue.

E40/394 is 5 kilometres west of the historic Ulysses Mining Camp that is being developed by Genesis Minerals Ltd (ASX:GMD) and 40 kilometres SSW of Leonora.

Kookynie exploration

The company’s planned exploration program for the Kookynie Gold Project includes:

  • A detailed, multi-element soil sampling program to test strike extensions of known gold mineralisation including Metalicity Ltd’s (ASX:MCT) Leipold, McTavish and Cosmopolitan projects, where transported cover is not well developed;
  • Flying a detailed aeromagnetic survey over the Kookynie project to identify structural targets with potential for gold mineralisation;
  • POW approved and drill rig booked for the end of November;
  • 6,000 metres of aircore planned to test structural, geochemical and aeromagnetic targets; and
  • Acquisition of additional strategic prospective ground to add to the Kookynie Gold project.

Location of new tenement acquisition E40/394.

Historical exploration data

E40/394 tenement has been explored by two phases of recent exploration, one in the 1990s and the most recent in 2012.

This exploration included an extensive soil geochemistry program completed within the tenement and more than 10,000 metres of drilling.

Open file data is available from WAMEX reports A062530 and A094841 and Carnavale is reviewing this data to establish a modern exploration plan, targeting Ulysses-style gold mineralisation.

Grey Dam exploration

The RC and diamond drilling at Grey Dam targeting nickel sulphide has been completed with seven holes drilled for 1,701 metres.

Three of these holes were drilled with diamond core tails allowing deeper targets to be tested.

The samples are being analysed for a spectrum of multi elements, nickel, gold and platinum and the company expects to receive all of the results from this program within the next three weeks.

Quick facts: Carnavale Resources Ltd

Price: 0.009 AUD

Market: ASX
Market Cap: $18.38 m

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