Carawine Resources Limited (ASX: CWX)

Carawine Resources has a portfolio of four exploration projects, three Western Australia and the fourth in Victoria, each targeted for their potential high-value deposit styles and commodity groups.

The company’s chief focus is the 100 per cent-owned Jamieson project, located near the township of Jamieson in the north-eastern Victorian Goldfields.

The project comprises granted exploration licence EL5523 and holds the advanced Hill 800 gold and Rhyolite Creek zinc-gold-silver prospects.

Hill 800 was discovered by New Holland Mining in 1994.

Fast forward to 2018 when Carawine carried out its maiden diamond drilling program of 14 holes, exceeding the company’s expectations regarding both the width and grade of gold mineralisation.

The maiden program allowed Carawine to re-interpret the geometry and orientation of the mineralised system as it identified multiple new mineralised zones.

Buoyed by the results, Carawine wasted little time in hitting the ground again for a second phase of diamond drilling at Hill 800 late in November 2018 that has continued into 2019.

Carawine recently announced some of the highest gold grades to be returned to date from its diamond drilling program at Hill 800, which achieved an increase in both the strike and width of the Stringer Zone mineralisation.

Assay results from the extension of hole H8DD004 that targeted strike extensions to gold and copper mineralisation in the Stringer and 650 Zones, produced intervals of:

Stringer and 650 Zones (combined interval)
67m at 2.13 grams per tonne gold, 0.1 per cent copper from 143m (0.3g/t Au cut-off).

Stringer Zone
49m at 2.54g/t gold, 0.2 per cent copper from 143m (0.3g/t gold cut-off), including:
17m at 6.62g/t gold, 0.3 per cent copper from 157m (1g/t gold cut-off), including:
1.1m at 10.3g/t gold, 1.0 per cent copper from 162m (10g/t gold cut-off); and

1m at 20.2g/t gold, 0.2 per cent copper from 166m (10g/t gold cut-off); and

2m at 37.5g/t gold, 0.3 per cent copper from 172m (10g/t gold cut-off)

650 Zone
14m at 1.28g/t gold from 196m (0.3g/t gold cut-off), including: 7m at 2.27g/t gold from 203m (1g/t gold cut-off)

“We recognised the importance of the Stringer Zone with our first drill holes at Hill 800 and these latest results show its potential to become a significant body of high-grade gold and copper mineralisation,” Carawine Resources managing director David Boyd said.

“Each hole we drill gives us a better understanding of its size, orientation and grade, defining a wide mineralised envelope containing numerous extremely high gold grades which together make a very attractive target.

“This is also just our second hole into the recently discovered 650 Zone, with the results showing an increase in gold grade and alteration intensity.

“Both zones remain open, with a drill hole currently in progress targeting the area immediately above these latest, exceptional intersections.”

Carawine is determined to maintain the pace at Hill 800 and already has planning underway for exploration programs that will investigate the potential to grow Hill 800 beyond the current limits of drilling, and other high-priority prospects within the Jamieson project such as Hill 700, Mt Sunday Road and Rhyolite Creek.

Meanwhile, way out west, Carawine has generated six new prospects at the Paterson project, in the eponymous Paterson Province of WA.

Six priority target areas have been identified at the Red Dog and Baton projects from a combination of historic drill and geological data, re-processing of airborne magnetic and electromagnetic (EM) geophysical data.

– Baton Project:
– Javelin and Wheeler prospects: Discrete bullseye magnetic anomalies (analogous to Havieron and Winu discoveries) hosted by the Broadhurst and Isdell Formations.
– Red Dog Project:
– Earl Prospect: discrete magnetic and EM anomalies on the edge of a large interpreted felsic intrusion;
– Leatherneck Prospect: Alteration zone within the Broadhurst Formation (host to the Nifty copper deposit), with associated anomalous zinc (to 2,380ppm) and copper (to 375ppm) in limited drilling;
– Bravo Prospect: discrete EM anomalies within interpreted altered and faulted Nifty host rocks;
– Duke Prospect: discrete bullseye magnetic anomaly and coincident gravity anomaly, magnetite-bearing calc-silicate skarn, around a quartz monzonite intrusive. Anomalous copper (to 965ppm) and tin (indicative of skarn mineralisation) grades in limited drilling.

Carawine is planning to advance these prospects to drill-ready status, while continuing target generation work for other Paterson tenements.

“At Red Dog…we now have access to geophysical datasets which have only recently become available,” Boyd said.

“This combined with our knowledge of mineralisation styles and settings in the region has allowed us to identify…six highly prospective new targets.

“Our focus will now shift to planning the next stage of exploration on these tenements.”

 

Email: info@carawine.com.au
Web: www.carawine.com.au

Directors: Will Burbury, David Boyd, Bruce McQuitty, David Archer