Caravel commences new exploration program at Calingiri

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Image credit: www.caravelminerals.com.au

WA-based miner Caravel Minerals has announced the commencement of the next phase of its multi-phase exploration activity at the Calingiri Project, located in the heart of the Wheatbelt district in Western Australia, 120km’s from Perth.

Image credit: www.caravelminerals.com.au

The program, which is expected to be completed by the end of Q1 2017, includes air core drilling to test previously undrilled anomalies within the regional copper-molybdenum target trend and air core drilling to test a previously undrilled regional structural trend with coincident copper geochemical anomalism.

Additionally, this exploration phase also includes initial geophysical testing of a multielement geochemical target interpreted to be a potential VMS target.

“The planned exploration programs are part of Caravel’s strategy to increase the size and grade of the existing JORC Resources at Calingiri with the results being incorporated in the planned Pre-Feasibility Study due in 2017,” the company told the ASX.

Adertisement

Caravel’s Scoping Study for Calingiri, released in mid-2016, determined that the project demonstrates robust project fundamentals with low technical risk.

It envisions the development of three open pits, located 120km to the northwest of Perth in WA. Central to the project is construction of a stand-alone 15 million Mtpa ore processing facility.

“The Company considers the project is economically viable based on its ability to pay back project start-up capital and provide ongoing operational cash flow,” reads Caravel’s statement.