News: Caravel Minerals shares double in a week

Caravel Minerals (ASX:CVV) shares have jumped to an intraday high of $0.023 today from $0.011 on the 8 August 2014.

The company has been making significant intersections of copper and molybdenum at its Calingiri project in Western Australia.

Most recent results at the Bindi prospects in June included 150 metres at 0.31% copper with 64ppm molybdenum from 94 metres; and 102 metres at 0.32% copper with 69ppm molybdenum from 44 metres.

The results support Caravel’s strategy to expand the potential of the nearby Dasher discovery, underpinning a bulk-tonnage copper project located just 120 kilometres northeast from Perth.

Calingiri now has a combined exploration target of 170 to 260 million tonnes grading 0.31% to 0.35% copper and 70 to 80ppm molybdenum.

Capitalised at around $10 million, these are substantial numbers.

New drilling targets have also been identified at the Bindi and Ninan South Prospects, providing a strong pipeline of future exploration.