Announcement Date: 2022-12-05
Announcement Type: Deposit Estimation
Announcement Code: JORC
Company name: Cavalier Resources Ltd.
Project name: Leonora
Location: Australia
Commodities: Gold
Highlight: Updated Resource Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Cavalier Resources Limited (ASX: CVR) (‘Cavalier’ or ‘the Company’) is pleased to announce the completion of its first upwards revision of the Mineral Resource Estimate (MRE) at the Crawford Gold Project (Crawford) in Leonora, Western Australia. Significantly, while the central supergene lode has now been de-risked for mining, the complexity of the remaining resource areas has increased. The discovery of a new sub vertical zone and the confirmation of the northern fresh rock zone indicates that further exploration drilling is required at Crawford. The expert’s report concurs, recommending further exploration of the extent of the resource given it remains open along strike and at depth. In light of these new discoveries and developments the Company will now look to pause the pre-feasibility study (PFS) to allow further time for review, and to plan the implementation of a second drill program at Five domains were modelled. Domains 1 to 4 are oxide domains modelled as flat lying supergene zones within the oxidised zone. Domain 5 has been modelled as a sub-vertical mineralised zone based on a series of holes that indicate a vertical structure rather than a flat lying zone. This zone requires additional drilling to confirm the orientation and extent. See Figure 1, below.
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