Junior explorer Caravel Minerals announced the intersection of thick and higher-grade copper zones at the Bindi Hinge zone of Caravel Copper Project in Western Australia. The news sent the shares straight up by 11.11% to last trade at $0.060 on 4 January 2019.
In todayâs announcement to Australian Securities Exchange, Caravel Minerals Limited (ASX: CVV) revealed the assay results of its recently completed 6-hole drilling activity undertaken at a Caravelâs new porphyry copper province in Western Australia.
From the core hole 18CADD005, the company confirmed an intersection of 34m @0.55% copper from 64m as well as 58m @0.54% copper from 150m. These new results outline the wider and higher-grade copper zone lying under the nose of Caravel Minerals.
The drilling program discovered two significant zones that are interpreted to be the upper and lower limbs of an overturned fold. Caravel told that mineralization in both limbs remain open at depth and are well positioned with the adjacent holes. Also, the higher grades and more thickness has been identified in the lower intersection which indicates the continuation of a wide ore zone below the previously modeled pit floor. Moreover, the company expects the new pit models to extend deeper into this region.
As per these new results, there is a multi-domain geology model interpretation at Bindi West over a strike distance of over 1.6 km. Whereas at East Limb, the extension of this new geology model to that region displays the potential for significant improvements to the current resource model of the company. However, the report revealed that the critical areas for down dip extensions of the east limb remain untested by drilling.
Furthermore, the assay results for the one hole finished at Bindi East and two diamond holes completed at the Dasher are expected to be finalized over the next 2-3 weeks.
Australia-based Caravel Minerals is primarily into the exploration of copper, molybdenum, gold and base metals across Western Australia. Its flagship projects include 100% owned Caravel Copper Project and Calingiri copper-molybdenum-gold project.
Looking at the past performance of Caravelâs stock, we can see a positive performance change of 8.84% in the past 12 months, reflecting the partial offset of year-to-date meltdown from recent three months hike of 8%.
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