Carnavale Resources (ASX:CAV) Uncovers New Gold Zones and Expands Tiptoe Footprint at Kookynie

Carnavale Resources Ltd (ASX:CAV) has announced promising results from its March aircore drilling program at the Kookynie Gold Project. The latest exploration has not only identified new gold zones but also extended existing structures, marking significant progress in the company's ongoing efforts to expand its resource base.

Key Highlights

• 72 aircore holes completed, totalling 4,192 metres.
• Significant gold intercepts include:
• 8m @ 0.85g/t from 46m in KOAC510 (including 2m @ 2.75g/t).
• 2m @ 2.73g/t from 42m in KOAC507.
• 12m @ 0.29g/t from 66m in KOAC511 (including 2m @ 0.51g/t).
• Discovery of a new zone named Valiant with a 250m strike length.
• Expansion of the Tiptoe Prospect footprint by 200m NNW.

Valiant Prospect

The newly identified Valiant Prospect is located approximately 200m south of McTavish East and strikes for 250m. This zone consists of two mineralized structures parallel to each other, oriented northwest-southeast. Significant intercepts at Valiant include:

-  8m @ 0.85g/t from 46m (including 2m @ 2.75g/t).

- 2m @ 2.73g/t from 42m.

- 12m @ 0.29g/t from 66m (including 2m @ 0.51g/t).

- 6m @ 0.33g/t from 68m.

These results have delineated a promising target for follow-up RC drilling to explore high-grade gold zones in fresh rock.

Source: CAV ASX Announcement

Tiptoe Prospect

At the Tiptoe Prospect, aircore drilling has significantly extended the prospect's footprint. The discovery of an additional north-northeast structure intersecting the main northeast-southwest structure is particularly encouraging. Previous drilling at Tiptoe yielded high-grade gold in fresh rock, including an intercept of 1m @ 20.3g/t in MERC118.

Significant recent results at Tiptoe include:

- 2m @ 1.17g/t from 56m in KOAC518.

- 6m @ 0.38g/t from 54m (including 1m @ 0.68g/t) in KOAC521.

These findings will be pursued with further RC drilling to fully delineate the extent of high-grade mineralisation.

Exploration Strategy and Next Steps

CEO Humphrey Hale expressed optimism about the recent findings, stating:

“This aircore exploration program has successfully extended the mineralisation envelope from the new zone Valiant, south of McTavish East, to the northwest of Tiptoe, providing further targets for RC drilling and the potential to increase overall resources at Kookynie. Numerous first-class anomalies remain to be tested, which will be followed up in future programs.”

Source: VAL ASX Announcement. 

The next phase will involve focused RC drilling to test the high-grade potential of identified anomalies. Additionally, the maiden Mineral Resource Estimate (MRE) and mining study for Swiftsure and McTavish East are expected to be released in June 2024.

Conclusion

Carnavale Resources Ltd continues to make significant strides in its exploration efforts at the Kookynie Gold Project. The identification of new gold zones and the expansion of existing prospects underscore the potential for substantial resource growth. With promising targets set for follow-up drilling and an upcoming MRE, the company's prospects look bright.

Carnavale Resources' latest results have positioned the company well to capitalise on its Kookynie Gold Project's potential. 

CAV shares were trading at 0.005 at 3:21 PM AEST on 20th May 2024.