Caravel Minerals claims third Wynberg gold discovery

THE DRILL SERGEANT: Caravel Minerals (ASX: CVV) has claimed to have discovered a third copper-gold prospect on the company’s Wynberg project, located in the Cloncurry District of North Queensland.

The discovery was made during a recently-completed program of surface soil geochemistry and rock chip sampling.

The new prospect, known as Wynberg C, is located along strike from the Wynberg A prospect, which contains an Inferred Resource of 140,000 ounces of gold (3.1 million tonnes grading 1.4 grams per tonne).

The company gave credit for the discovery to its strategy of systematically exploring the Wynberg project to gain an understanding of the region’s geology and to identify priority areas for follow-up exploration.

“The results to date clearly demonstrate the outstanding potential of the project to host significant copper-gold mineralisation,” Caravel Minerals chief executive officer Marcel Hilmer said in the company’s announcement to the Australian Securities Exchange.

“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 primary asset, the Calingiri copper-molybdenum project in Western Australia.”

Caravel collected a total of 14 rock chip samples from within the Wynberg C prospect on the back of encouraging surface geology and soil geochemical results.

Copper-gold results were returned in 6 out of the 14 rock chips taken.

 

Wynberg C prospect with 2013 rock chip results and historical RC drilling. Source: Company announcement

 

From the results the company has identified surface mineralisation is hosted within strongly altered and brecciated sediments.

Caravel stressed that although individual grades of selected rock chip samples are not necessarily representative, it does consider the association of copper and gold and the alteration style to be consistent with Cloncurry District style mineralisation.

Caravel has also been encouraged by historical Reverse Circulation (RC) drilling of two holes within the newly identified trend, which returned results of:

–    8 metres at 1.58 grams per tonne gold and 0.4 per cent copper from 12 metres; and

–    12m at 1.19g/t gold and 0.1 per cent copper from 26m.

The company did acknowledge the limitations of these drill results, but nonetheless it believes they increase its confidence the new prospect can host economic copper-gold intersections.

 

Website:
www.caravelminerals.com.au