Carnavale Resources Ltd (ASX:CAV) CEO Humphrey Hale sits down with Proactive’s Jonathan Jackson to discuss exceptional metallurgical test-work results from Swiftsure Deposit within the Kookynie Gold Project, 60 kilometres south of Leonora in Western Australia’s Eastern Goldfields.
The test-work, conducted by Independent Metallurgical Operations Pty Ltd (IMO), showed high overall gold recovery rates of 98.9%-99.5%, with gravity gold recovery averaging 87.1% and carbon in leach (CIL) recovery at 99.7%.
Key findings include rapid leach kinetics, achieving 90.6%-91.6% recovery after four hours of leaching, an optimal grind size of 106 microns, low cyanide consumption and no lime consumption. These results align with earlier recoveries of 97%-99% from Leachwell test-work at ALS laboratories.
Hale highlighted that the improved recovery rates enhance the profitability of the Swiftsure Deposit, supporting geologists' observations of abundant coarse free milling gold in drill chips.
Follow-up testing involved a composite sample of 28 kilograms collected from high-grade RC drilling chips, indicating bonanza-grade zones within plunging shoots.
The recent scoping study projected a pre-tax NPV of approximately A$91 million with an IRR of 192% at a gold price of A$3,500, assuming a 95% metallurgical recovery. Current test-work suggests potential recoveries exceeding 99%, which could significantly improve project economics. Variability work indicated that a 1% change in recovery could alter cashflow by $2.2 million and project NPV by $1.9 million.
CAV plans to continue metallurgical work, including additional leach tests on various composite samples to account for variability in gold grade, ore type, and depth/weathering profile.