Carnavale Resources Ltd (ASX:CAV) has completed initial aircore drilling totalling 10,869 metres at its Ora Banda South Gold Project, 90 kilometres north of Kalgoorlie in the Western Australian Goldfields.
The phase one aircore program of 168 holes was designed to test the potential of structural features associated with the Carnage Shear, identified in the aeromagnetic survey, to host economic bedrock gold at Ora Banda South.
All samples have been submitted to the laboratory, with results expected in mid-November 2021.
The market welcomed the news with share prices up as much as 16.67% to 0.7 cents.
“Analogous to Invincible”
“CAV’s first aircore drilling at Ora Banda, of 10,869 metres was designed to follow up gold anomalies identified by the recent soil sampling program and the positive shallow bedrock gold results from the limited historic drilling," said CEO Humphrey Hale.
“The project is very under-explored with a geological setting analogous to the +2.5 million ounces at +4 g/t Invincible deposit at St Ives.
“Carnavale Resources Ltd is exploring for a large-scale sedimentary hosted gold deposit at Ora Banda South.”
CAV Soil sampling overlain with historic anomalies indicates a 15-kilometre mineralised trend.
Drill program
Carnavale’s aircore program was designed to test targets identified by previous soil sampling program, previous aircore gold anomalies and structural targets under alluvial cover.
Drilling targeted strong shallow bedrock gold results from limited aircore and RAB drilling completed by a previous explorer.
Promisingly, Ora Banda’s geological setting is analogous to the +2.5 million-ounce at +4 g/t Invincible Gold Mine, discovered by GoldFields Ltd near Kambalda in 2012.
The aircore program confirmed that the alluvial cover is up to 20 metres deep in parts across its 15-kilometre-long tenement package with anomalous gold in soil and auger along the Carnage Shear Zone.