Carnavale Resources Ltd (ASX:CAV) has reported a fresh round of bonanza-grade gold hits from infill reverse circulation and diamond drilling at its Kookynie Gold Project in Western Australia, with the bankable feasibility study (BFS) remaining on track for completion in early Q3 2026. The latest results further de-risk the project and strengthen confidence in the continuity of high-grade mineralisation at the Swiftsure and Tiptoe deposits.
The standout results came from drilling within the proposed scoping study pit shells at Swiftsure, where intercepts included 7 metres at 28.3 grams per ton (g/t) gold from 71 metres, 6 metres at 27.7 g/t from 97 metres, 5.4 metres at 29.5 g/t from 106 metres, 5 metres at 24.0 g/t from 61 metres and 3 metres at 37.2 g/t from 74 metres. Diamond drilling also returned 1.63 metres at 53.8 g/t gold from 73.8 metres.
Plan view of infill drilling at Swiftsure showing the highest-grade intercepts.
Section B-B’ through Swiftsure mineralisation with proposed pit outline from October 2024 Scoping Study. New drilling labelled orange.
At Tiptoe, notable intersections included 3 metres at 26.1 g/t gold from 25 metres, 10 metres at 4.0 g/t from 54 metres and 2 metres at 15.9 g/t from 32 metres.
Plan view of infill drilling at Tiptoe showing the highest-grade intercepts.
Section C-C’ through Tiptoe mineralisation with proposed pit outline from October 2024 Scoping Study. New drilling labelled orange. Geotech hole TTDD.GT.02 shown.
Mineralisation at Kookynie is now defined to within less than 20 metres of surface and proposed open pits have been drilled on a 10 metre by 10 metre pattern, which Carnavale said is effectively grade control spacing. The company believes the latest program could support additional ounces within the final BFS open pit shells, while also improving confidence in the geological model ahead of an updated mineral resource estimate and reserve definition.
“We are delighted that the drilling within the proposed pit envelopes reinforces the continuity of the outstanding bonanza gold grades at Swiftsure and Tiptoe. The possibility of adding valuable, extra ounces to the resource is strong as these high-grade zones continue and extend beneath the proposed pits for continued underground development potential. The recent detailed drilling forms the backbone of a revised MRE, that will be used to calculate open pit reserves for the BFS. Carnavale is well funded and is aggressively progressing work programs that keep the BFS on track to be delivered early Q3,” CAV CEO Humphrey Hale said.
Swiftsure high-grade zone with typical grey quartz, minor sulphides and gold - 2m @ 17.4g/t from 88m in RC L1.FR.006.
Feasibility work advances across mining, metallurgy and mine design
The Kookynie Gold Project is located about 60 kilometres south of Leonora and 180 kilometres north of Kalgoorlie, placing it within trucking distance of several potential toll treatment mills. Carnavale said this gives the project strategic appeal as a high-grade development opportunity in the Eastern Goldfields.
Cube Consulting is continuing resource estimation and mine planning work for the BFS, with an updated mineral resource estimate now underway. Carnavale expects the revised estimate to lift confidence in resources from indicated to measured categories, enabling reserve estimation for both the Swiftsure and Tiptoe open pits as well as underground extensions at Swiftsure. The company said recent infill drilling, together with geotechnical, hydrology and metallurgical programs, is significantly reducing project risk and improving scheduling and mine design.
Work already completed for the BFS includes 138 RC holes for about 8,384 metres across the proposed open pits, metallurgical sampling from both RC and diamond drilling, waste rock characterisation studies, geotechnical diamond holes around the pit walls, a detailed LIDAR survey and assessment of subsurface water and dewatering requirements. A production water bore and monitoring bores have also been established on the mining lease. Carnavale said these workstreams are aimed at delivering a de-risked, shovel-ready project in Q3 2026.
Indicative timetable for BFS study work.
The broader Kookynie development case is underpinned by Carnavale’s October 2025 scoping study, which outlined an initial production target of about 93,000 ounces at 3.1 g/t gold over a 61-month mine life from open pits and underground operations. At a gold price of A$5,500 per ounce, the study estimated pre-tax NPV8 of about A$188 million, an internal rate of return of 165%, revenue of about A$501 million and payback of pre-production capital in 14 months.
Carnavale also noted that underground development is planned to run alongside open pit production, with access proposed from within the Swiftsure pit. Further exploration drilling is being planned this quarter to target additional resources and new discoveries along the broader Kookynie trend, including at Champion South, McTavish North and Valiant, where the company sees scope to grow the resource base beyond the current inventory.