Carnavale Resources Ltd (ASX:CAV)'s initial reverse circulation (RC) drilling program at McTavish East prospect of the Kookynie Gold Project in the Western Australian Goldfields is yielding bonanza-grade results.
RC drilling of the steeply dipping mineralised structure has intersected high-grade gold in fresh rock that appears to have a southerly plunge. This zone has been defined over 150 metres down dip on the mineralised structure.
Highlight results are 16 metres at 20.92 g/t gold from 161 metres in hole MERC005, including 10 metres at 31.88 g/t, and 4 metres at 17.82 g/t from 78 metres, including 2 metres at 33.55 g/t in MERC001.
Exciting find
“We are delighted that the RC drilling program has discovered a new high-grade gold lode at Kookynie," CEO Humphrey Hale said.
“This initial RC program followed up strong shallow oxide gold intercepts identified in earlier aircore programs.”
“The McTavish East discovery shows similarities to the previously mined high-grade deposits like the Cosmopolitan Mine where over 295,120 ounces were historically mined at an average grade of 15.57 g/t and the Altona mine where over 95,000 ounces were mined at an average grade of 30.01 g/t.”
Shares have been as much as 25% higher intraday to $0.01.
Assay results
The initial program of RC drilling consisted of 21 holes for 2,987 metres. Partial results have been received for 10 holes with results from the remaining assays expected before the end of the month.
Initial RC drilling has focused on the McTavish East prospect, which hosts the highest gold grades in the project area at present.
Other strong new RC results include:
- 3 metres at 3.27 g/t gold from 109 metres in MERC003; and
- 1-metre at 4.39 g/t from 89 metres in MERC005.
The mineralisation correlates well with the previously reported shallow oxide high-grade aircore drilling results (4 metres at 31.1 g/t and 2 metres at 16.25 g/t) and remains open along strike and at depth.
What’s next?
CAV will return to Kookynie to expand this new high-grade McTavish East discovery and to test other previously defined aircore anomalies at McTavish North in the coming months.
Further exploration will be aimed at understanding and targeting the thickest zones within the main structure that appear to have a south-easterly plunge. RC drilling has shown that the main structure remains open and very prospective 1 kilometres northeast to Champion South.
CAV is delighted with the outcome of its systematic exploration program at Kookynie. It plans to mobilise an RC rig to chase the bonanza gold grades down dip and along strike at McTavish East. It will also explore the high-grade gold discovered at McTavish North once all assay results have been received and interpreted.
“The systematic exploration approach undertaken by CAV at Kookynie has delivered a significant outcome with further results pending," Hale said. “Follow up RC drilling is planned to grow this bonanza-grade gold discovery as soon as a suitable RC rig can be secured.”