Carnavale Resources Ltd (ASX:CAV) has delivered assays described as “spectacular” from a reverse circulation (RC) drilling program at the McTavish East Prospect within the Kookynie Gold Project in Western Australia.
RC drilling completed at the end of May intersected bonanza grade gold mineralisation in nine out of 10 holes, including MERC044 which returned 3 metres at 152 g/t within a 6-metre intersection grading 79.21 g/t.
Investors have reacted positively to the news, sending the company’s shares as much as 67% higher to A$0.005 in intraday trading.
Significantly, the latest drilling has defined a new high-grade plunging gold zone over 700 metres long and 150 metres deep at McTavish East.
Other notable results include:
- MERC047 - 4 metres at 75.74 g/t gold from 114 metres, including 3 metres at 100.25 g/t;
- MERC045 - 8 metres at 13.65 g/t from 116 metres, including 1-metre at 25.9 g/t and 3 metres at 24.5 g/t;
- MERC046 - 5 metres at 24.56 g/t from 79 metres, including 3 metres at 39.43 g/t; and
- MERC043 - 7 metres at 16.15 g/t from 67 metres, including 1-metre at 83.2 g/t and 1-metre at 15.15 g/t.
These new results follow the high-grade discovery from an RC drill program completed in January.
The main mineralising structure that hosts McTavish East.
Best results so far
CAV is “very encouraged” by the tenor of mineralisation intersected in the latest round of RC drilling, which the company said was the strongest encountered to date at McTavish East.
Further, there are other aircore anomalies concealed undercover along the main 2-kilometre-long mineralising structure that trends to the Champion South prospect, including modest gold anomalies within the tenement package that will be followed up.
Carnavale’s goal is to explore and discover high-grade, truckable resources of a similar size to the historic Cosmopolitan Mine that can be processed at a nearby existing third-party processing plant.
The Cosmopolitan mine, the largest high-grade gold producer with more than 331,000 ounces of gold at 15 g/t, headlined Kookynie’s extensive historic gold mining years between 1895 and 1922.
MERC044 chip tray with individual gold grades.
“Spectacular” grades and widths
“These are the best results to date for the Kookynie Gold Project,” CAV chief executive officer Humphrey Hale said.
“We are delighted with the spectacular gold grades and widths at the McTavish East Prospect.
“These results demonstrate the potential to grow high-value gold resources within trucking distance to various existing third-party processing plants.
“These new RC results extend the known gold bedrock mineralisation an extra 250 metres to define an overall 700 metres of strike and remains open at depth.
“We are currently planning to infill and extend the high-grade gold zones and test beneath the other aircore anomalies further along strike.”
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