Carnavale Resources Ltd (ASX:CAV, FRA:YBB) has advanced work on the bankable feasibility study (BFS) for its Kookynie Gold Project in Western Australia, after completing infill, metallurgical and geotechnical drilling during the March quarter.
Drilling focused on the Swiftsure and Tiptoe deposits, where Carnavale is planning open pit developments. The company said results confirmed continuity of high-grade gold zones, with mineralisation now defined less than 20 metres from surface.
Notable Swiftsure results 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 and 5.4 metres at 29.5 g/t from 106 metres.
At Tiptoe, key results included 3 metres at 26.1 g/t from 25 metres, 10 metres at 4.0 g/t from 54 metres and 2 metres at 15.9 g/t from 32 metres.
CEO Humphrey Hale said the drilling reinforced the continuity of gold grades at Swiftsure and Tiptoe and that Carnavale remained well funded as it progressed the BFS.
“We are delighted that the drilling reinforces the continuity of the outstanding gold grades at Swiftsure and Tiptoe. The possibility of adding extra ounces to the resource is strong as these zones continue beneath the proposed pits for underground development potential. The 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.”
Mining lease granted
During the quarter, Mining Lease M40/362 was granted, covering the Kookynie resources and providing the area required for proposed pits, waste dumps, ROM handling, workshops and offices.
Carnavale has also applied for miscellaneous licence L40/53 to provide access from the mining lease to the Kookynie-Malcolm Road.
BFS work on track
Cube Consulting is continuing resource estimation and mine planning work, with an updated mineral resource estimate underway.
The recent 10-by-10-metre infill drilling was effectively at grade-control spacing and would support reserve estimation for the Swiftsure and Tiptoe open pits.
The company is targeting delivery of the BFS in early Q3 2026.
Funded for next phase
Carnavale ended the quarter with A$5.084 million in cash and cash equivalents, after spending A$1.076 million on exploration and evaluation during the period.
The company reported estimated funding of 4.29 quarters based on its current expenditure profile.