Caravel Minerals Limited
Caravel Minerals Limited
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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.
Caravel Minerals believes it can get closer to proving one of Australia's largest bulk tonnage copper and molybdenum deposits at Calingiri with additional backing from Canadian major First Quantum Minerals. John Feary reports
Global resources group First Quantum Minerals has agreed to contribute $A3.6M in exploration costs to earn 50.1% in Caravel’s flagship Calingiri copper-molybdenum project, 120km NE of Perth in Western Australia.
FQM has first right of offer to increase over 50.1% interest, and will convert its $600,000 convertible loan agreement into Caravel shares. Caravel chief exec Marcel Hilmer says FQM’s third investment in Calingiri is a tremendous vote of confidence in potentially one of the largest bulk tonnage copper and molybdenum deposits in Australia.
Caravel is heading towards a scoping study at its Calingiri copper-molybdenum project in Western Australia after the results of latest drilling highlighted the potential for more than 1Mt Cu.
CE Marcel Hilmer says the results confirm Calingiri is reaching critical mass, with an exploration target over 450Mt and copper-equivalent grades comparable with many global operations. “It is now clear that Calingiri is potentially one of the largest bulk-tonnage deposits for copper and molybdenum in Australia,” Hilmer says.
Caravel has lifted its consolidated exploration target for the Calingiri copper-molybdenum project in Western Australia to 145-260Mt at 0.36-0.42% copper equivalent after gaining strong results up to 95% copper recovery rates in metallurgical tests by SGS Lakefield Oretest.
The company says the results support its plan to develop a bulk tonnage copper-moly project at Calingiri, 120km NE of Perth.
Caravel Minerals has attracted international producer First Quantum as a partner in its flagship Calingiri copper-molybdenum project 120km NE of Perth in Western Australia.
First Quantum is to inject $A1.25M to acquire 12.9% equity in Caravel as part of a strategic alliance to accelerate the exploration and development of Calingiri.
New exploration has substantially upgraded the potential of Caravel Resources’ Wynberg copper-gold project near Cloncurry in N Queensland, Australia.
New drilling, aimed at extending the existing inferred 3.1Mt at 1.4g/t for 140,109oz at the Wynberg A prospect, has identified a prospective style of alteration and mineralisation below the current supergene enriched gold resource. A new prospect nearby has also been identified nearby with outcropping high grade copper-gold mineralisation.
New drilling/sampling work at Caravel’s Wynberg copper-gold project in Queensland could be “game changing.”
Kingsgate Consolidated has lifted full year 2013 production expectations from its Chatree Gold Mine in Thailand from 120,000oz-130,000oz to 132,000oz-135,000oz on the back of expected record June qtr production around 43,500oz.