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Caravel Minerals Limited (ASX:CVV) is an Australian listed copper development and exploration company. Its projects are situated between the Wheatbelt towns of Calingiri and Wongan Hills. It holds 11 exploration licenses for the site of an area of circa 200 square km.
On 18 February 2019, Caravel Minerals announced that its new metallurgical testing program has resulted in very high rougher flotation recoveries averaging 96.1% for coarse grind sizes of 106 um and 150 um. The initial cleaner floatation recoveries were estimated to be around 92% as per study results from Caravel copper project 2016.
The test comprised diamond core holes drilled at the Bindi deposit. Two master composite samples from holes 18CADD001 and 18CADD002 were compiled and subjected to several rougher and preliminary cleaner flotation tests utilizing different reagents at varying quantities and grind sizes (106µ and 150µ) at the ALS Metallurgy laboratory in Perth, Western Australia.
Rougher recoveries varied between 94.1% to 99% with an average of 96.1%. These recoveries exceeded the previous test results carried out on RC samples as part of the Scoping Study which was around 92%. The major tests carried out at a grind size of 106µm, but the tests carried out at 150µm continued to show high recoveries, averaging 95.8% (versus 96.6% for 106µm) indicating that a course rougher grind for the project may be possible.
It became clear with the progress of the tests that the copper minerals were highly hydrophobic and required low reagent doses to obtain high recoveries which will assist in achieving low processing costs. The results also showed high kinetics with 92% (average) of the copper recovered in the first 4 minutes of the tests.
Metallurgical work is ongoing including mineralogy analysis which will further optimize the flotation results which is envisaged to achieve grades over 25% from current 22.95 copper grades. These results will feed into the updated scoping study expected to be released in March 2019.
Caravel in its previous announcement highlighted a significant increase in its contained copper where there has been 52% increase in contained copper at 0.25% cut?off (1.284 Mt contained Cu) and 32% increase in contained copper at 0.15% cut?off (1.860 Mt contained Cu). The combined Indicated and Inferred increased to 366 Mn tonnes at grading 0.35% Cu using a 0.25% Cu cut?off. With this development, the Caravel Copper Project became the largest copper resource in Western Australia.
It reported loss in its revenue by 71.6% to $40,555 in FY2018 from $142,816 in FY2017, whereas it reported loss of $2,483,941 in FY2018 as compared to $1,651,251 in FY2017. On issue side, Caravel undertook a non?renounceable entitlement issue of one share for every seven shares, held by Shareholders that were registered on 29 January 2019, at an issue price of 5 cents per share to raise approximately $1,103,728 through the offer. Its closing date has been extended to February 22, 2019.
It last traded at A$0.061 (down by -6.154%, February 18, 2019) with the market capitalization of ~A$10.04 Mn. Its 52 weeks high was noted at A$0.094 and 52 weeks low at A$0.040. Its absolute return for the last 3 months, 1 year, and 5 years are 19.54%, 6.05%, and -83.27% respectively.
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