Caravel Minerals Limited
Caravel Minerals Limited
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Australian copper developer Caravel Minerals is targeting significant improvements in capital and operating costs through process plant changes for its namesake project in WA's Wheatbelt region.
In its PFS two months ago, the company identified a robust 62,000tpa, 28-year initial mine life for the Caravel project 120km NE of Perth.
Now, it outlines potential to consolidate the plant into a single process train utilising high-pressure grinding rolls in place of semi-autogenous grinding mills and the adoption of coarse particle flotation.
Caravel Minerals has outlined a robust project delivering about 62,000tpa copper over an initial 28-year mine life in a PFS for its namesake project in the West Australian Wheatbelt region 120km NE of Perth.
The study estimates $A1.2B initial capital expenditure for a low-strip openpit mine and parallel development of two 13.9Mtpa capacity trains.
It’s based on maiden ore reserves of 583.4Mt @ 0.24% for 1.42Mt contained copper, including 0.28Mt proved and 1.14Mt probable.
Engineering studies into increasing mill throughput are pointing to the opportunity for Caravel Copper to boost annual production at its potential large-scale and long-life project in Western Australia’s Wheatbelt.
Caravel is conducting final evaluation work on the proposed lift in mill throughput to 13.9Mtpa, from 12Mtpa in its 2021 scoping study, equating to about 5,000tpa additional copper in concentrate for 40,000tpa in stage 1 and 61,000tpa in stage 2.
Caravel Minerals has lifted contained copper resources at its stand-alone project in Western Australia’s Wheatbelt by 53% to 2.84Mt (1.18Bt @ 0.24% Cu and 48ppm Mo), demonstrating substantial increases in higher-grade ores at shallow depths.
The upgrade, incorporating results of RC percussion and diamond drilling at shallow depth, comes as Caravel progresses its PFS due in the March 2022 qtr.
Explorer Caravel Minerals has positioned its namesake project in the WA Wheatbelt as Australia’s largest undeveloped copper project after continued drilling and a reduction in cut-off grade to reflect revised costs and higher commodity prices delivered a 53% increase in its mineral resource.
West Australian explorer Caravel Minerals is eyeing increases of around 20% in capital and operating costs following an updated scoping study at its 100%-owned Caravel copper project in WA’s Wheatbelt region.
The revision of the original 2019 study for the project 160km NE of Perth will be incorporated in the PFS by engineer Ausenco, which is due for completion in early 2022.
The study assesses copper in concentrate production of 35,000tpa in Years 1-5 and 55,000tpa in Years 6-28 from a resource of 1.86Mt (662Mt @ 0.28% Cu).
West Australian explorer Caravel Minerals is fully funded to complete PFS work on its Caravel copper project 160km NE of Perth after receiving firm commitments to raise $A9M through the issue of 56.25M shares at 16cps.
Caravel says the placement attracted strong interest as rising copper prices highlight the value of large-scale, long-life assets.
West Australian explorer Caravel Minerals has posted a 52% increase in contained copper at its namesake project, boosting its hopes of establishing a long-life, low-cost mining operation on agricultural land in the WA Wheatbelt 160km NE of Perth.
A review by resource consultancy Trepanier of 10 years of drilling campaigns established a measured-indicated-inferred JORC resource of 366.3Mt @ 0.35% for 1.28Mt copper.
Caravel says the estimate will be the basis of an updated scoping study due next month.
West Australian explorer Caravel has paused the PFS and search for a new development partner for its Calingiri copper-molybdenum-gold project while it studies the potential to use new technology to improve the project economics.
Independent consultancy Mitchell River Group has completed a desktop study of cutting-edge bulk ore sorting to boost ore grades and cut operating and capital expenditure.
The study will be funded by an $A0.8M placement at 5cps, with MRG committing to subscribe for $0.45M.
Australian explorer Caravel is seeking new partners at its PFS-stage Calingiri project after global miner FQM withdrew from its JV before completing a PFS on a potential low-cost development producing 60-92Mlb pa copper over 20-plus years at the project in the West Australian Wheatbelt.
FQM joined 2 years ago under a $A3.6M farm-in agreement, but Caravel CEO Marcel Hilmer says it's recently cut back on spending and focus on large copper projects already under development. It retains an 8.8% shareholding.