| Announcement Date: | 2021-11-23 |
|---|---|
| Announcement Type: | Deposit Estimation |
| Announcement Code: | JORC |
| Company name: | Caravel Minerals Ltd. |
| Project name: | Caravel |
| Location: | Australia |
| Commodities: | Copper,Molybdenum |
| Highlight: | Updated Resource Estimate for Project |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | Caravel Minerals Limited (the “Company”) has released a new Mineral Resource for its Caravel Copper Project (the “Project”) incorporating results from reverse circulation (RC) percussion and diamond drilling at the Bindi deposit. The updated Mineral Resource totals 1.18 Billion tonnes @ 0.24% Cu and 48 ppm Mo for 2.84Mt of contained copper (0.1% Cu cut-off (see Table 1). Since the last Mineral Resource update in April 2019 approximately 7,740 metres of diamond drilling and 20,233 metres of RC percussion drilling have been completed at Bindi, predominantly on the Bindi East Limb (Figure 5). Drilling was designed to better delineate the grade and distribution of copper-molybdenum mineralisation in the Bindi Hinge Zone and Bindi East Limb – which are expected to be the first areas developed in the mine plan (Figure 1). The recent drilling has also significantly extended the resource at depth and improved the continuity of mineralisation, particularly within a number of higher-grade zones within the East Limb and Hinge Zone areas, as illustrated in Figure 6. |
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