Carnavale Resources Ltd (ASX:CAV) has reported a 38% increase in total gold ounces at its Kookynie Gold Project in Western Australia, following an infill and extensional drilling program during the June 2025 quarter.
The updated JORC 2012 mineral resource estimate (MRE) now stands at 842,000 tonnes at 4.3 grams per tonne (g/t) gold for 117,000 ounces, including a bonanza-grade zone of 60,000 tonnes at 28.3 g/t for 55,000 ounces. The estimate incorporates results from recent drilling across the Swiftsure and Tiptoe prospects.
Notably, 66% of the total resource now sits within the Indicated category — a 46% increase from the previous estimate — adding confidence to future development planning. The resource remains shallow, high-grade and open along strike and at depth, with further growth potential at the Valiant target and other nearby prospects.
The Tiptoe Lode has been included for the first time, contributing additional shallow, potentially open-pittable material to the overall resource base.
Carnavale has now started an updated Scoping Study to reflect the revised resource, higher confidence levels and the improved gold price environment. Results of the study are expected in August 2025.
“We are delighted with the results of the updated increased MRE at Kookynie that now includes the new Tiptoe lodes as well as the main Swiftsure deposit. The high-grade nature of the mineralisation makes this a very valuable, niche project that is well located to various mills in the region. Mineralisation remains open at depth and there are multiple additional targets that have potential to host additional high-grade,” CEO Humphrey Hale said.
“The next programs are aimed at realising the value of the Project. The first step is to update the previous Scoping Study with the new larger resource, stronger gold price and evaluate mining development opportunities including, owner operator mining and JV partner options using toll treating for the ore.”
Location of Kookynie Gold Project to treatment options.
Mineral Resource Estimate (MRE) expands
Carnavale significantly expanded its Mineral Resource Estimate (MRE) at the Kookynie Gold Project following recent drilling at the Swiftsure and Tiptoe lodes. The updated JORC 2012-compliant resource now stands at 842,000 tonnes grading 4.3 grams per tonne (g/t) gold for 117,000 ounces (oz) of contained gold.
This includes a bonanza-grade zone of 60,000 tonnes at 28.3 g/t gold for 55,000 oz, with 66% of the resource now in the Indicated category — up 46% from the maiden estimate in June 2024. The updated resource incorporates both open pit and underground mining scenarios, applying cut-off grades of 0.8 g/t above the 320-metre relative level (RL) and 1.5 g/t below it.
Breakdown of classification:
- Indicated: 426,000 tonnes @ 5.6 g/t for 77,000 oz
- Inferred: 416,000 tonnes @ 3.0 g/t for 40,000 oz
- Total: 842,000 tonnes @ 4.3 g/t for 117,000 oz
Notably, the Tiptoe lode, located 160 metres north of Swiftsure, has been added to the MRE for the first time and provides new shallow, potentially open-pittable ounces. The Swiftsure and Tiptoe lodes remain open along strike and at depth.
MRE for Kookynie Gold Project including Swiftsure and Tiptoe lodes.
MRE for Kookynie Gold Project including Swiftsure and Tiptoe lodes by Location. Open Pit O/C or Undergound U/G.
Cube Consulting has started an updated Scoping Study to reflect the 38% increase in total resources, the uplift in confidence, and higher prevailing gold prices. The revised study is expected to be released in August 2025.
Drill program supports resource growth at Swiftsure and Tiptoe
Carnavale’s drilling campaign at the Swiftsure and Tiptoe prospects delivered strong results that underpinned the updated mineral resource estimate. The program targeted both infill and extensional zones to increase geological confidence and expand the known mineralised footprint.
At Swiftsure, drilling confirmed high-grade continuity within the central mineralised envelope, while extensional holes revealed the deposit remains open down plunge and along strike. At Tiptoe, a new lode was discovered, characterised by near-surface gold mineralisation that could support future open-pit development.
Plan of April RC and Diamond drilling collar locations as coloured circles over aerial photography and contoured grade projected to surface and conceptual Pit 9.
This new data allowed for refinement of the geological model, resulting in a significant uplift in resource ounces and classification. In particular, the delineation of a bonanza-grade gold zone — 60,000 tonnes at 28.3 g/t gold for 55,000 ounces — highlights the project’s potential for high-margin ounces early in any development scenario.
Scoping study update underway to reflect revised economics
In response to the expanded and upgraded resource, Carnavale started work on an updated Scoping Study for the Kookynie Gold Project. The revised study will integrate the increased resource base, the higher level of geological confidence, and current gold pricing assumptions to evaluate the project’s economic potential.
The study will reassess development pathways including mine design, processing options, and capital and operating cost estimates. The inclusion of the Tiptoe Lode and bonanza-grade mineralisation may materially impact project economics and improve payback scenarios.
Carnavale expects to release the findings of the updated Scoping Study in August 2025. The company continues to advance discussions around project development while maintaining a focus on exploration and resource growth across the broader Kookynie tenement package.