Caravel Minerals Limited
Caravel Minerals Limited
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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.
Caravel's chief executive Marcel Hilmer says it's positioning itself to become a major copper player after posting a maiden JORC mineral resource of 251Mt @ 0.34% for 844,300t copper metal at its Calingiri copper-molybdenum-gold project 120km NE of Perth.
With over 74% of the mineral resource in the indicated category and resources open along strike and at depth, including higher grade zones from near-surface, the CSA Global scoping study remains on schedule for release in the June qtr.
Explorer Caravel is preparing to push ahead with the next phase of work at its Calingiri copper-molybdenum project in Western Australia with the backing of $A3.6M funding from new 50.1% JV partner First Quantum Minerals.
Chief executive Marcel Hilmer says the exploration will significantly advance the economic potential of Calingiri, which has already established an endowment potential well over 1.4Mt copper metal. FQM will acquire 46M Caravel shares by converting an $0.6M loan to shares at 1.3cps.