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Carawine Resources – WA Mining Club Miner of The Month

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MINER OF THE MONTH: Carawine Resources is an exploration company with the aim of developing economic gold, copper and base metal deposits within Australia.

The company has four projects, each targeting high-grade deposits in well-established mineralised provinces throughout Australia.

 

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

The Jamieson project comprises granted exploration licences EL5523 and EL6622, covering an area of approximately 120 square kilometres.

Jamieson contains the Hill 800 gold-copper prospect that was discovered by New Holland Mining in 1994 and the Rhyolite Creek copper-gold and zinc-gold-silver prospect, both of which sit within Cambrian-aged felsic to intermediate volcanics.

The Rhyolite Creek prospect, located about 5km south of Hill 800, was discovered in 2008, by diamond drilling intersecting a zone of strong alteration and sulphide mineralisation returning high-grade zinc, gold and silver from an interpreted seafloor Volcanogenic Massive Sulphide (VMS) system.

Recent work at the Jamieson project entailed a detailed helicopter-borne magnetic and radiometric (heli-mag) geophysical survey that provided support to the company’s belief in the potential for porphyry targets beneath Hill 800 and Rhyolite Creek, by confirming existing targets and providing a number of exciting new anomalies.

Carawine intends using the results from this survey will to model the size and depth of each anomaly, which can then be prioritised for drill testing.

The study revealed a magnetic high anomaly potentially down-dip from Hill 800 the company interpreted to be characteristic of the typical geophysical response from a mineralised porphyry copper-gold stock and is therefore high on its priority list for modelling and drilling.

The remainder of the company’s portfolio is located in Western Australia, the main focus of which is the Paterson project, situated in the Paterson Province at the eastern edge of the Pilbara Craton.

Neighbourhood wise, the Paterson area hosts some well-heeled residents, including the Telfer gold-copper deposit, and the Nifty and Maroochydore strata-bound copper-(cobalt) deposits.

Carawine’s Paterson project comprises six granted exploration licences and five exploration licence applications straddling an area of around 1,500sqkm across nine regions: Lamil Hills, Trotman South, Red Dog, Baton, Sunday, Cable, Puffer, Eider and Magnus.

Carawine scored a Joint Venture double banger in regards to the Paterson project during 2019.

After adding four new exploration licence applications in the western part of the Paterson Province, Carawine announced a Farm-In and Joint Venture Agreement with Rio Tinto Exploration Pty Limited (RTX) a wholly-owned subsidiary of Rio Tinto (ASX: RIO).

The Farm-In and JV will explore Carawine’s Baton (E45/4871 & E45/4955) and Red Dog (E45/4881) Tenements where it has identified more than twenty high-priority target areas, covering a range of potential deposit types in the Paterson region, all requiring follow-up exploration.

“To have one of the world’s largest resources companies committing to significant expenditure on our Baton and Red Dog tenements is a strong endorsement of the prospectivity of the Tenements,” Carawine Resources managing director David Boyd said.

“They have the technical knowledge and resources to rapidly and systematically evaluate the numerous high priority targets at Baton and Red Dog, increasing the chances of a successful discovery.”

Carawine backed this up by striking a Farm-In and JV Agreement with a subsidiary of FMG Resources (ASX: FMG) that will cover exploration of the Lamil Hills (E45/5326), Trotman South (E45/4847) and Sunday (E45/5229) tenements.

Lamil Hills is within 30km to the northwest of Newcrest Mining’s Telfer gold-copper mine; Trotman South is 30km to the south of the Telfer mine; and Sunday is within 5km of Metals X’s Maroochydore copper-cobalt deposit.

Under the terms of the agreement FMG will explore Carawine’s eastern Paterson project tenements targeting copper, gold and base metals.

Fortescue is to pay $125,000 cash up front and spend $0.5 million on exploration in the first eighteen months.

Elsewhere in WA, Carawine has the 100 per cent-owned Oakover project, located in the Eastern Pilbara region, comprising fourteen granted exploration licences and one exploration licence application with a total area of about 2,500sqkm.

The Oakover project is prospective for copper, cobalt, manganese and iron.

Last of all, the Fraser Range project includes six granted exploration licences in five areas: Red Bull, Bindii, Big Bullocks, Similkameen and Big Bang.

Carawine has a JV with Independence Group (ASX: IGO) over the Red Bull, Bindii, Big Bullocks and Similkameen tenements, in which IGO currently hold a 51 per cent interest with prospect of earning an additional 19 per cent interest by spending $5 million by the end of 2021.

 

Email: info@carawine.com.au
Web: www.carawine.com.au
Directors: Will Burbury, David Boyd, David Archer

 

THE DAILY ROADHOUSE

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Pioneer Resources Estimates Initial Inferred Mineral Resource for Cade Spodumene Deposit

THE DRILL SERGEANT: Pioneer Resources (ASX: PIO) declared it has completed sufficient exploration to estimate an initial Inferred Mineral Resource for the Cade spodumene deposit within the company’s 100 per cent-owned Pioneer Dome project in Western Australia.

Calidus Resources Drilling Underpins Open Pit Resource Upgrade

THE DRILL SERGEANT: Calidus Resources (ASX: CAI) reported the final batch of RC drilling results from inside the planned Klondyke pit at the company’s 1.25 million-ounce Warrawoona gold project in Western Australia.

Pantoro Confirms High-Grade Mineralisation at Gladstone-Everlasting

THE DRILL SERGEANT: Pantoro Limited (ASX: PNR) released initial drilling results from the Gladstone-Everlasting deposit (Gladstone) at the company’s 50 per cent-owned Norseman gold project in Western Australia.

Cassini Resources and OZ Minerals Expand WMP Tenure

THE BOURSE WHISPERER: Cassini Resources (ASX: CZI) announced an extension to exploration tenure at the West Musgrave Project (WMP), a Joint Venture with OZ Minerals Limited (ASX: OZL) in Western Australia.

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.

Ardea Resources Set to Drill at Mulga Plum Gold Deposit

THE DRILL SERGEANT: Ardea Resources (ASX: ARL) reported that rock chip sampling of old workings spoil and sporadic outcrop at the company’s Mulga Plum gold prospect in Western Australia has confirmed gold mineralisation over an area of at least 200 square metres.

 

Carawine Resources Drilling at Victorian Gold-Copper Project Deposit

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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.

 

Email: info@carawine.com.au

Web: www.carawine.com.au

 

THE DAILY ROADHOUSE

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Carawine Resources Adds New Tenements and Welcomes Rio as JV Partner

THE BOURSE WHISPERER: Carawine Resources (ASX: CWX) released an ASX double banger in regards to the company’s Paterson project in Western Australia.

Auroch Minerals Confirms High-Grade Nickel at Saints

THE DRILL SERGEANT: Auroch Minerals (ASX: AOU) announced the first assay results to emerge from the first drilling program undertaken at the company’s recently-acquired Saints nickel project northwest of Kalgoorlie in Western Australia.

Kopore Metals Intercepts Trace Amounts of Visible Copper Mineralisation

THE DRILL SERGEANT: Kopore Metals (ASX: KMT) kept the market up to speed on exploration activities being undertaken at the company’s Kalahari Copper Belt tenement holdings in Botswana and Namibia.

Magmatic Resources Gives David Flanagan a Chair at the Boardroom Table

THE BOURSE WHISPERER: Magmatic Resources (ASX: MAG) has appointed David Flanagan to the company’s Board as an independent non-executive director.

Carawine Resources Adds New Tenements and Welcomes Rio as JV Partner

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THE BOURSE WHISPERER: Carawine Resources (ASX: CWX) released an ASX double banger in regards to the company’s Paterson project in Western Australia.

The first came in the shape of the addition of four new exploration licence applications to the Paterson project.

Carawine Resources explained its tenement applications were lodged simultaneously with competing applications from up to six other applicants and that in such cases the priority of the competing applications is decided by a ballot conducted by the Mining Warden of Western Australia.

“The results of this ballot are good news for Carawine, especially as we have won the largest of the competing tenement applications, adjacent to and adjoining the Baton tenements,” Carawine Resources managing director David Boyd said in the company’s announcement to the Australian Securities Exchange.

“We look forward to progressing these tenements towards grant and evaluating their exploration potential in this highly prospective, and sought-after exploration region.”

The four exploration licence applications, named Cable, Magnus, Puffer and Eider are located in the western part of the Paterson Province, and cover parts of the Broadhurst, Yandanunyah and Isdell Formations.

The Cable and Puffer tenements straddle the Vines Fault, a major regional structure associated with several exploration prospects.

The Broadhurst Formation is host to Metals X’s Nifty copper deposit, with Magnus and Puffer located just one kilometre and 20km respectively from Nifty.

The Cable tenement is immediately adjacent to the company’s granted Baton tenements which were the subject of the company’s second announcement of the day.

Carawine announced a Farm-In and Joint Venture Agreement with Rio Tinto Exploration Pty Limited (RTX) a wholly-owned subsidiary of Rio Tinto (ASX: RIO).

The Farm-In and JV will explore Carawine’s Baton (E45/4871 & E45/4955) and Red Dog (E45/4881) Tenements where work to date has identified more than twenty high-priority target areas, covering a range of potential deposit types in the Paterson region, all requiring follow-up exploration.

David Boyd said the commitment from Rio Tinto underlined the potential of the Red Dog and Baton prospects.

“To have one of the world’s largest resources companies committing to significant expenditure on our Baton and Red Dog tenements is a strong endorsement of the prospectivity of the Tenements,” Boyd said.

“RTX is actively exploring in the Paterson to complement their Winu discovery.

“They have the technical knowledge and resources to rapidly and systematically evaluate the numerous high priority targets at Baton and Red Dog, increasing the chances of a successful discovery.

“This deal also ensures Carawine is well positioned to share in the benefit of any discoveries, with Rio Tinto well placed to support a potential development should the exploration activities be successful.

“We look forward to sharing the details of the exploration programs as they progress.”

Under the term sof the agreement RTX is to pay $200,000 cash up-front and subscribe for $300,000 of Carawine shares.

RTX is required to spend $1 million on exploration and complete at least 2,000m of drilling within the first two years.

RTX has the right to earn a 70 per cent interest by spending at least $5.5 million within six years and can earn to 80 per cent interest by sole funding to a discovery milestone, or completion of a scoping-level study on any discovery.

Carawine said that RTX brings high-calibre technical knowledge, exploration resources and recent track record of discovery success in the region to the table.

Carawine indicated it will continue target generation work on its other Paterson project tenements, including the newest additions mentioned above, in line with its strategy of advancing exploration programs in its own right, and/or considering suitable joint venture opportunities.

Carawine said an important aspect of the agreement is that it also allows the company to concentrate its resources in the near term on exploration at its Jamieson project in Victoria, where it has identified porphyry-related mineralisation at its Hill 800 prospect, and potential for additional large copper-gold porphyry mineral systems.

A detailed helicopter-borne magnetic survey has commenced at Jamieson, with results to be used to provide targets for direct drill testing of the porphyry model at depth.

Drilling is planned to commence mid-November, initially targeting extensions to known porphyry-related mineralisation at Hill 800 from relatively shallow depths.

 

Email: info@carawine.com.au

Web: www.carawine.com.au