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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“The continued exploration success at our Kookynie Gold Project is very exciting, it has opened our eyes to the potential of other exploration targets within the tenement package,” says CEO.
“We have demonstrated that the system is gold-bearing, now we have to zoom in on the highest grade so that we can target the fresh rock source with RC drilling," said chief executive officer Humphrey Hale.
Through this acquistion Midas has gained control of the entire 17-kilometre-long Wondinong PGE target zone, which previously returned PGE mineralisation up to 3.45g/t and promising PGE and base metal-related geochemical and geophysical anom
“The transaction will allow CAV to continue our aggressive focus on the Kookynie and Ora Banda Gold Projects in Western Australia, while allowing us to crystallise value from one of our non-core assets," CEO Humphrey Hale said.
The company is encouraged by past drilling results in the area of up to 4 metres at 8.82 g/t gold, and believes the geological setting at these two prospects mirrors that of the Invincible Gold Mine, discovered near Kambalda in 2012 and boa
“We are delighted to have discovered a new high-grade lode at McTavish North with the first RC drill holes into the prospect. In addition, we are pleased with the results from the second RC program at the newly discovered McTavish East pros
The company is planning to sink three holes for 500 metres to get a better understanding of the orientation of the mineralising structures and their interaction with the host geology as well as detail on the rock strength and density.
Carnavale is now waiting for results from its aircore drilling program and its RC drilling program.
Carnavale’s program is targeting a prospective corridor that hosts the high-grade McTavish East prospect to the southwest and the Champion South project to the northeast.
“We are excited to have confirmed the scale of the new prospects at Ora Banda South - a substantial aircore program was executed to expand the high-grade gold zones that were identified in the initial scout drilling," says CEO Humphrey Hale
“Our work with CSIRO on the UFF soil sampling technology has helped CAV identify many new anomalous zones along the mafic/ ultramafic sequence that require further exploration. As a result, CAV is on the ground with a substantial, ground-ba
"The field team has reacted quickly to the geology and alteration encountered in the RC chips. As a result, we have been able to optimise the drilling program to intersect the mineralised structures efficiently and extend the structures dow
The initial RC program at McTavish East extended the high-grade gold mineralisation encountered in the previous aircore programs into the fresh rock.
“This program was designed to provide definition to the gold anomalies in the regolith along section and improve confidence along strike. So far, we have confirmed that the Carnage shear system is fertile for gold mineralisation along 15 ki
"The results from the initial aircore program were outstanding and better than we expected. We are following up on broad high-grade gold mineralisation identified by the initial aircore drilling over many kilometres of strike," said CEO.
“This is a validation of the asset portfolio we have assembled, coupled with our management team who has extensive knowledge of the projects and their potential." It "puts Carnavale in a strong financial position to accelerate exploration p
Follow-up RC drilling is planned to grow this bonanza-grade gold discovery and test other targets.
“The five copper and nickel anomalies at Grey Dam are encouraging and provide an initial focus for the planned EM surveys along this prospective sequence,” says MD.
Wide, high-grade gold mineralisation has been intersected in fresh bedrock with an internal zone of 10 metres assaying more than 1.0 ounces per tonne.
The company is planning more detailed, follow up aircore drilling to extend and expand the exciting new anomalies at the Carnage, Highlander and Ghan Dam prospects.
