PROMISING early-stage drilling and other exploration results have further confirmed the potential of Caravel Minerals’ Calingiri Copper Project, 120km northeast of Perth in Western Australia. The company says the exploration target at the Dasher prospect has been upgraded, copper potential has been confirmed at Kurrali prospect and a new target has been identified at Dasher East.

Metallurgical test work by SGS Laboratories and follow-up mineralogical studies on composite samples of representative Dasher mineralization has demonstrated the potential for excellent recoveries of copper, molybdenum and silver. These results provide sufficient confidence to support the estimation of copper equivalent grades for Dasher.

Subsequently the Dasher exploration target has been upgraded and now comprises 50-100 million tonnes grading 0.37-0.45% copper equivalent. The test work to date has not been sufficient to include the associated gold grades in the estimation, though this may be possible following further test work.

This also supports Caravel’s belief that each of these elements can contribute to the economics of any future development. An exploration target is conceptual in nature and there has been insufficient exploration to estimate a mineral resource in compliance with the JORC Code.

Caravel has received results from an initial drilling program to evaluate coincident copper geo-chemical and IP chargeability anomalies at Kurrali prospect, 5km south of Dasher. A 13-hole reverse circulation (RC) program was completed for an aggregate of 2200 metres across four wide-spaced sections covering a strike length of 2km. Pervasive pyrite and chalcopyrite mineralization was intersected on all but the most north-westerly section.

The absence of a chargeability anomaly in this position is probably due to a deeper weathering profile. It seems likely that the Kurrali mineralization is continuous between all sections drilled and possibly beyond to the southeast with a strike length of at least 1.5km. Further drilling is justified to evaluate this extensive zone of mineralization.

An IP survey covering the large copper geo-chemical anomaly at Dasher East has outlined a broad coincident chargeability anomaly. This anomaly, just 1.5km to the east of the Dasher prospect, is a high priority target for initial drilling.

Exploration activity was set to resume in mid-March following completion of the cornerstone investment by First Quantum Minerals, including commencement of the technical co-operation agreement.

There are a number of clearly defined priority drill targets in the Dasher area. In addition to the previously defined IP anomalies at Edmonds and Cavel, the Dasher East IP and coincident copper geochemical anomaly will also be drill evaluated. Drilling is also planned to test for strike extensions of the Dasher mineralization, which is open to the north and south.

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