Carnavale Resources Ltd (ASX:CAV) has started an extensional drilling program at the high-grade Swiftsure deposit within the Kookynie Gold Project north of Kalgoorlie in Western Australia.
Carnavale has defined indicated and inferred resources at the Swiftsure deposit to a depth of around 200-250 metres below surface.
The company’s current extensional exploration drilling program is designed to test below the current resource zone from 200 metres to 400 metres below surface for repeats and extensions of the high-grade structures.
The program below Swiftsure will comprise RC and diamond drilling to test the structures at this depth. The diamond core retrieved will add structural and textural information to support the company's interpretations and exploration focus.
Swiftsure RC and diamond drilling down dip target zone below plunging high-grade shoots.
“We are delighted to be back at Kookynie drilling deeper at Swiftsure,” Carnavale CEO Humphrey Hale said.
“We are only just getting started here and look forward to further exploration success following the bonanza-grade gold shoots to depth at Swiftsure.
Swiftsure maiden MRE & scoping study
Carnavale published a maiden resource estimate (MRE) and initial scoping study in June 2024 for the Swiftsure deposit at the Kookynie Gold Project.
The initial MRE of 457,000 tonnes at 5.8 g/t for 85,000 ounces of gold at mineable cut-off grades includes a bonanza 'ounce dirt' gold zone containing 53,000 ounces at 31.2 g/t gold.
This resource only includes drilling at the Swiftsure deposit and remains open at depth and along strike.
The scoping study included open pit and underground development and outlined robust financials and a competitive cost profile, with an NPV of A$91 million, IRR of 192% at A$3,500/ounce gold price, at a total all-in cost of about A$1,730 per ounce recovered.
Tiptoe and Valiant prospects
New gold zones at the project’s Tiptoe and Valiant prospects were previously identified by Carnavale, along with extended structural targets under alluvial cover.
Historical drilling confirmed the prospectivity of the major shear structure that hosts the bonanza grades at Swiftsure for more than 2 kilometres within the tenement package.
The Valiant prospect is about 200 metres south of Swiftsure and strikes for 250 metres. Valiant presents as a target for more focused RC drilling in fresh rock to determine the source of these regolith anomalies.
Carnavale has increased the footprint of the Tiptoe prospect, where previous drilling intersected high-grade gold within fresh rock that included 1 metre at 20.3 g/t.
The company is following this up with further RC drilling to test the extents of this high-grade intersection.
Hale added, “In addition, we will be testing the nearby newly discovered prospects of Tiptoe and Valiant to expand the resource base which will add value to the Kookynie Gold Project.”