Carawine Resources Drilling at Victorian Gold-Copper Project Deposit

THE DRILL SERGEANT: Carawine Resources (ASX: CWX) has commenced diamond drilling at the company’s 100 per cent-owned Jamieson project in northeast Victoria that hosts the Hill 800 and Rhyolite Creek prospects.

Carawine Resources indicated the drilling program will initially target down-dip extensions of gold and copper mineralisation at Hill 800 approximately 80 metres and 160 metres below the current limit of drilling, before targeting nearby magnetic anomalies for potential porphyry systems beneath and adjacent to Hill 800.

First assay results are expected early in Q1 2020.

“In the time since we last drilled a hole at Hill 800, we have established an exciting new link between mineralisation at Hill 800 and the potential for large gold-copper porphyry systems at the Jamieson project,” Carawine Resources managing director David Boyd said in the company’s announcement to the Australian Securities Excahnge.

“We’ve also completed a share placement raising $3 million and finalised two joint ventures with Rio Tinto Exploration Pty Limited and FMG Resources Pty Ltd over our Paterson project tenements in Western Australia.

“We are well funded and in a terrific position to commence a busy exploration program at the Jamieson project.”

The initial phase of diamond drilling at Hill 800 is planned to comprise five to six holes, targeting down-dip of known mineralisation.

A second phase of diamond drilling program to target nearby, deeper porphyry targets will follow that the company expects to commence during Q1 2020.

The design of this program is in progress, with the results of a recently completed detailed geophysical survey to be used to define and prioritise drill targets.

The company is waiting on results of a recent helicopter-borne magnetic survey over the Jamieson project that was four times more detailed than the regional magnetic survey.

Carawine expects it will enable defining of targets with sufficient accuracy to allow direct drill testing for the Q1 2020 program.

Carawine said the Mineral Resource estimate for Hill 800 is progressing with its independent resource consultants informing the company it can be expected to be finalised after completion of the current drilling program so that the results from the program can be incorporated into the estimate.