Caravel Minerals claims Cloncurry-style discovery

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THE DRILL SERGEANT: Caravel Minerals (ASX: CVV) has claimed discovery of broad zones of primary Cloncurry-style copper-gold mineralisation and alteration at the company’s Wynberg project, located 30 kilometres east of Cloncurry in North Queensland.

The new discovery follows on from drilling undertaken by Caravel in June this year targeting extensions to an existing JORC-compliant Inferred Resource of 3.1 million tonnes grading 1.4 grams per tonne gold for 140,109 contained ounces at Wynberg A.

The drilling conducted to target extensions to the existing 140,000 ounce JORC gold resource at Wynberg A prospect where it intersected the broad zones of Cloncurry-style mineralisation and alteration.

Results include:

–    30m at 1.51g/t gold and 0.14 per cent copper from 106m;

–    18m at 0.75g/t gold and 0.01 per cent copper from 28m; and

–    10m at 0.81g/t gold and 0.18 per cent copper from 156m.

Caravel considers the latest results to have upgraded the potential and prospectivity of the Wynberg project.

 

Wynberg A prospect section 6200 north. Source: Company announcement

 

Caravel indicated the drilling had also identified a new semi-continuous zone of outcropping high-grade copper-gold mineralisation over a strike length of 3 kilometres, in the southern part of the Wynberg project at the Wynberg B.

Drilling at Wynberg B returned results including:

–    25 per cent copper and 1.6 grams per tonne gold;

–     15.6 per cent copper and 0.5g/t gold;

–    13 per cent copper and 7.7g/t gold; and

–     12.4 per cent copper and 1.3g/t gold.

Caravel said the intersection of the broad zones of primary copper-gold at Wynberg A, together with the zone of surface copper-gold at Wynberg B, could prove to be a game-changing development for the project.

“The entire area between these prospects has never been evaluated by systematic soil geochemistry–an approach which is now an immediate priority,” Caravel Minerals chief executive officer Marcel Hilmer said in the company’s announcement to the Australian Securities Exchange.

“This area is also traversed by the major NW-SE trending Fisher Creek Fault Zone, which has the potential to be an important control on mineralisation.

“While still early days, these are very encouraging developments and certainly upgrade the potential of the Wynberg project within our portfolio.

“The Cloncurry District is one of the most significant mineral provinces in the world, and having results like this on the doorstep of some of the great copper-gold finds of modern times, like Ernest Henry, is very encouraging.

“We intend to progress cost-effective and focused exploration activities at Wynberg to advance this project to the next stage, without compromising our ongoing focus on our prime asset, the Calingiri copper-molybdenum project in Western Australia.”