Carnavale Resources Ltd CEO Humphrey Hale talked with Proactive about the updated mineral resource estimate for the company’s flagship Kookynie Gold Project in Western Australia.
Hale outlined that indicated resources have grown by 46%, now standing at 179,000 ounces grading 4.3g/t, with total resources increasing by 38% overall. “Importantly, the indicated portion of that is growing by nearly 50%, which is terrific,” Hale said.
He also discussed a revised scoping study being prepared by Q Consulting. The update will incorporate the increased resources and significantly improved gold prices, which have doubled from AU$2,500 to over AU$5,100 per ounce since the original study. Hale noted that the original study yielded an NPV of AUD 91 million and over AU$100 million in cash flow — both figures are expected to rise meaningfully.
Looking ahead, Hale said investors can expect the updated scoping study in a few weeks. The company is also advancing a mining license application and holding talks with mining contractors about potential development partnerships.
“We’re looking at some of those opportunities… could we be taken out by a major? Who can tell?” Hale added.
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