SIGNIFICANT EXTENSION OF CALINGIRI COPPER-MOLYBDENUM PROJECT...

SIGNIFICANT EXTENSION OF CALINGIRI COPPER-MOLYBDENUM PROJECT
Results highlight potential for more than 1Mt of copper
 Latest drilling results continue to increase the estimated size and economic potential of the Calingiri Project, 120km NE of Perth in WA.
 Drilling appreciably extends known limits of the northern zone at the Opie Prospect with wide, shallow results including:
 128m @ 0.41% CuEq including 70m @ 0.55% CuEq
 172m @ 0.35% CuEq including 78m @ 0.43% CuEq
 Mineralisation remains open along strike and at depth
 Calingiri now warrants additional in-fill drilling and a Scoping Study
Caravel Minerals (ASX: CVV) is pleased to provide final results from the extensive reverse circulation drilling program, comprising 42 holes for 7618m, at its Calingiri Project (Figure 1). Initial results were reported in the recent ASX release of 23 March 2015.
The latest results have extended the known limits of the mineralisation at the Opie Prospect to both the north and the south. In light of these results, Caravel has further upgraded the Calingiri Consolidated Exploration Target (see Table A).

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7
0	Table A – Calingiri Project Consolidated Exploration Targets Cut-off grades Cu (%)	Tonnage Range (Mt)	Cu Range (%)	Mo Range (ppm)	Ag Range (ppm)	Au range (ppb)	CuEq (%)
1	0.2%	435 – 460	0.30 – 0.32	58 – 63	1.6 – 1.7	31 – 33	0.35 – 0.37
2	0.3%	275 – 335	0.35 – 0.37	68 –73	1.9 – 2.1	34 – 38	0.41 – 0.43

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An Exploration Target is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Relevant background to the estimation of these Exploration targets is included in Appendix A.
"Calingiri is now reaching the point of critical mass, with an Exploration Target ranging in excess of 450Mt and copper-equivalent grades that compare favourably with many global deposits and operating mines," Caravel Chief Executive Marcel Hilmer said.
"These latest results confirm that Calingiri is a compelling project with the prospect of excellent economics. It now warrants additional in-fill drilling and a Scoping Study.
"It is now clear that Calingiri is potentially one of the largest bulk-tonnage deposits for copper and molybdenum in Australia, with an endowment potential well in excess of 1Mt of copper metal."