News: Caravel Minerals drilling results increase Calingiri bulk tonnage potential

Caravel Minerals (ASX:CVV) latest results from reverse circulation drilling at Calingiri in Western Australia have increased the estimated size and economic potential of the project.

The results have elevated the project to potentially one of the largest bulk tonnage deposits for copper and molybdenum in Australia.

The drilling program comprised 42 holes for 7618 metres.

Significant wide, shallow, northern extensions defined at Bindi included: 150 metres at 0.39% CuEq, including 16 metres at 0.69% CuEq; and 100 metres at 0.49% CuEq, including 46 metres at 0.65% CuEq.

A new mineralised zone discovered at Opie delivered: 122 metres at 0.37% CuEq, including 4 metres at 1.98 CuEq; and
- 54 metres at 0.35% CuEq.

Ninan drilling has intersected multiple zones of mineralisation: 126 metres at 0.40% copper, including 50 metres at 0.68% copper.

Caravel has now increased its exploration targets (Bindi and Dasher) and at a cut-off grade on 0.2% copper is: 405 – 425Mt at 0.30 – 0.32% copper, 60 – 64ppm Mo, 1.6 – 1.6ppm Ag, 30 – 33ppb Au, 0.35 – 0.37% CuEq.

Additional results are still pending for Opie and Ninan and additional exploration targets will be estimated following the receipt of all remaining analyses for these prospects.

The project is now comparable to some of the most successful mines in South America, with a current endowment potential in excess of 1 million tonnes of copper metal.