Carawine Resources to Target Copper-Gold Porphyries

THE DRILL SERGEANT: Carawine Resources (ASX: CWX) is set to commence a detailed, helicopter-borne magnetic survey to further evaluate copper-gold porphyry targets at the company’s 100 per cent-owned Jamieson project in northeast Victoria.

Carawine Resources’ Jamieson project is host to the Hill 800 and Rhyolite Creek prospects where in September the company announced the potential for mineralisation at Hill 800 to be related to a copper-gold porphyry system, based on analysis of multi-element geochemical data from Hill 800 by Dr. Scott Halley, an expert in this field.

This followed the recognition of two distinct magnetic anomalies identified from regional-scale survey data at Jamieson.

Carawine indicated it considers magnetic anomalies to be commonly associated with mineralised porphyries and provide excellent targets for drill testing and the company has been encouraged by the recent success by Stavely Minerals (ASX: SVY) at its Thursday’s Gossan porphyry copper-gold project in western Victoria, citing the similarities in host rock age, chemistry and depositional setting of Jamieson with the host rocks for the Thursday’s Gossan project.

“The exploration program over the next few months promises to be an exciting period for the company,” Carawine Resources managing director David Boyd said in the company’s announcement to the Australian Securities Exchange.

“We began to realise the potential for a copper-gold porphyry driving the mineral system at Hill 800 and its surrounds in July this year, and have since been developing this concept towards the point where we have the confidence to accurately define targets for drill testing.

“Following our recent successful capital raising, we are now in a great position to accelerate our exploration program at Jamieson, starting with a detailed magnetic survey that will be used to model the depth and spatial extent of magnetic anomalies beneath Hill 800 and Rhyolite Creek.

“This survey is planned to commence within the next two weeks, with drilling planned to commence soon thereafter, following the release of the company’s first Mineral Resource for Hill 800.

“We are gearing up for an exciting six months of intense exploration targeting porphyry style mineralisation at the Jamieson project.”