CAV confirms large gold-copper blanket at Little Butte
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
Carnavale Resources (ASX:CAV) recently completed a reverse circulation drilling program comprised of 18 holes for 1734 metres on the Railway Prospect at the Little Butte Project in Arizona, USA.
The aim was to test near surface weathered portions to confirm continuity of higher grade gold zones in structurally controlled breccia’s along the south-eastern margin.
Drilling also investigated shallow broad secondary supergene gold and copper mineralisation in the central and northern areas.
The campaign indeed confirmed the continuity of previously defined shallow and broad secondary supergene gold and copper zones.
Intercepts from this new drilling included 7.6 metres at 2.57g/t gold and 0.14% copper from 10.7 metres; 70.1 metres at 0.22g/t gold and 0.18% copper from 12.2 metres, 45.7 metres at 0.73g/t gold and 0.24% copper from 10.7 metres, and 62.5 metres at 0.43g/t gold and 0.12% copper from 25.9 metres.
Historical drilling intercepts from the same area include 29 metres at 1.25g/t gold and 0.03% copper from 19.8 metres; 29 metres at 5.39g/t gold and 0.16% copper from 3 metres; 44.2 metres at 2.25g/t gold and 0.36% copper from surface; and 26.2 metres at 2.4g/t gold and 0.18% copper from 6.1 metres.
The new drilling also confirms continuity of the broad flat lying and partially overlapping gold and copper supergene mineralisation.
The strike length is over 80 metres in length, up to 300 metres wide 50 metres in the central portions of the Railway Prospect.
Drilling to the north and south demonstrated potential for this supergene mineralisation to extend over 400 metres strike length, and remains open to the west and north.
The supergene copper mineralisation demonstrates consistent partially overlapping zones in the range of 0.1-0.4% copper values in individual samples.
Selected holes were targeted on the higher grade gold zones hosted in hematite rich breccia along the south eastern margin of the prospect.
Interpretation of results suggests this mineralisation may have a possible stacked northwest trend or be unstructured in nature, rather than a continuous north-south orientation as expected.
Deeper targets in fresh bedrock
Based on all drilling results to date, CAV considers the large supergene plume of gold and copper mineralization at the Railway Prospect represents an anomaly above or nearby to a deeper, fresh bedrock and sulphide rich target.
This deeply weathered setting is similar to the Degrussa copper-gold deposit discovered by Sandfire Resources (ASX:SFR) in Australia.
Initial exploration work at Degrussa included soil sampling and shallow drilling into the weathered near-surface rocks, where a large plume of anomalous gold-copper provided encouraging but sub-economic mineralisation.
The breakthrough discovery holes occurred when deeper holes were extended and intersected the fresh sulphide- rich orebody hosting high grade copper and gold mineralisation.
Electro-magnetic surveys were subsequently used to define further targets at this discovery.
Additional support of a deeper fresh bedrock target is provided by the earlier induced polarisation survey that highlighted at least two chargeability anomalies associated with a structural feature, and coincident with the large supergene plume.
CAV is currently reassessing this data with the view to potentially carrying out an additional detailed electro-magnetic survey for greater resolution of sulphide rich conductors at depth.
Any conductors located would then be tested with diamond drilling.
CAV Managing Director Mr Andy Beckwith commented on the results: “We have been able to confirm the continuity of the broad secondary supergene gold and copper zones. These results also have highlighted to us that the two previously identified IP anomalies at depth may hold the key to the economics of this project and we will continue to investigate the option of further testing.”
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.
