Caravel Minerals Ltd (ASX:CVV) has received approval for an exploration licence at the Toolbrunup Nickel-Copper-PGM Project from the WA Department of Mines, Industry Relations and Safety (DMIRS) for a five-year term.
The licence is between Tambellup and Gnowangerup in southwest WA and has an area of around 114 square kilometres.
Toolbrunup project is based on a previously unrecognised mafic sill or dyke structure in the far south of the South West Yilgarn Terrane which was identified by the company from airborne magnetic survey data.
The licence mainly covers cleared farmland in close vicinity to good infrastructure.
Nickel, copper and platinum potential
Geochemical sampling results from open file reports and the proprietary Caravel database shows potential for nickel, copper and platinum over the magnetic anomaly.
The magnetic structure is around 15 kilometres long but has no surface exposure due to surface weathering and shallow cover.
This magnetic anomaly is similar in style and scale to that seen at the Gonneville intrusive complex, where Chalice Mining Ltd (ASX:CHN) discovered extensive PGE-nickel-copper-cobalt-gold mineralisation at the Julimar Project.
Next steps
Caravel has started consultation with landowners and reconnaissance field visits to the Toolbrunup Project have been completed.
The project is amenable to simple and low-cost geological, geochemical and geophysical evaluation.
Initial exploration will comprise further surface geochemistry and completion of electromagnetic (EM) surveys for direct targeting of magmatic sulphide bodies.
Caravel is engaged in feasibility studies for the development of the Caravel Copper Project, a greenfields copper mining and processing project around 150 kilometres northeast of Perth in Western Australia’s wheatbelt region.