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Highlights
- Carnavale Resources is conducting a drilling program at Swiftsure to expand high-grade gold zones.
- The program includes testing new prospects Valiant and Tiptoe for additional potential.
- The Swiftsure deposit has an initial resource of 85,000 ounces of gold, with further growth expected.
Carnavale Resources (ASX:CAV) is advancing its exploration efforts at the Swiftsure gold deposit with an ambitious drilling program. This initiative aims to expand the high-grade gold zones already identified in the region. The company has planned 21 drill holes, which include over 4,000 metres of reverse circulation (RC) drilling and an additional 500 metres of diamond drilling. These efforts are designed to extend the high-grade gold zones at depths between 200 and 400 metres below the surface. Previous drilling has already revealed promising grades exceeding 30 grams per tonne (g/t) of gold.
The Swiftsure deposit, which already has an initial mineral resource estimate (MRE) of 457,000 tonnes at an average grade of 5.8 g/t, contains around 85,000 ounces of gold. With this new drilling program, Carnavale Resources is focusing on increasing this resource, given the significant potential for further growth.
In addition to Swiftsure, Carnavale Resources is exploring newly identified prospects, Valiant and Tiptoe, located along strike from Swiftsure. These areas exhibit structural similarities to the main deposit, and the company expects to discover additional high-grade gold zones. The exploration work at these prospects is seen as a critical part of Carnavale’s strategy to unlock further value within the region.
The entire drilling campaign is expected to take approximately four weeks to complete. The goal is not only to expand the known gold zones but also to provide valuable data that could lead to a more comprehensive understanding of the mineralization across the wider project area.
The Swiftsure deposit already holds substantial financial potential, as highlighted by a recent scoping study. The study showed that the project could deliver strong economic returns, with an estimated net present value (NPV) of AUD 491 million and an internal rate of return (IRR) of 192% based on a gold price of AUD 3,500 per ounce.
In light of the results from this study and the ongoing exploration, Carnavale Resources has applied for a mining licence to further advance the Swiftsure project. This move represents a critical step in transitioning the deposit from exploration to potential production.
Carnavale's exploration work at the Tiptoe and Valiant prospects is also a key focus, with expectations to uncover additional high-grade gold zones. These zones, if proven, could further enhance the value and scale of the Swiftsure project, providing even more opportunities for the company.
With a strong resource base, promising exploration prospects, and a clear strategy to expand high-grade zones, Carnavale Resources is progressing steadily in its efforts to grow the Swiftsure deposit. The outcome of the current drilling program will likely play a pivotal role in shaping the next phase of development for the project.
