Carnavale Resources (ASX: CAV) has commenced an extensional drilling programme at the high-grade Swiftsure deposit within the Kookynie Gold Project 60km south of Leonora and 180km north of Kalgoorlie in Western Australia.
The 21-hole drilling programme is planned to include +4,000m of reverse circulation (RC) drilling and +500m of diamond drilling.
Carnavale is testing extensions to the Swiftsure bonanza gold grade shoots that contain zones of +30g/t within the resource.
In addition, Carnavale will test the newly discovered prospects along strike from Swiftsure of Valiant and Tiptoe.
Drilling is expected to take four weeks to complete.
“We are delighted to be back at Kookynie drilling deeper at Swiftsure. We are only just getting started here and look forward to further exploration success following the bonanza grade gold shoots to depth at Swiftsure,” CEO, Humphrey Hale, said.
“In addition, we will be testing the nearby newly discovered prospects of Tiptoe and Valiant to expand the resource base which will add value to the Kookynie Gold Project.”
Carnavale published a maiden resource estimate (MRE) and initial Scoping Study in June 2024 for the Swiftsure deposit at the Kookynie Gold Project. This report contains references to Carnavale’s JORC mineral resources, extracted from the ASX announcement titled “Robust Maiden Resource and Positive Scoping Study for Kookynie” dated 13th June 2024. Summary details for the resource include:
- Initial Swiftsure MRE of 457kt @ 5.8g/t for 85koz Au at mineable cutoff grades.
- MRE includes bonanza “ounce dirt” gold zone containing approx. 53koz @ 31.2g/t Au.
- MRE only includes drilling at the Swiftsure deposit and remains open at depth and along strike.
A highly positive Scoping Study (Study) was released for the Swiftsure deposit that included open pit and underground
development. The Study has robust financials and a competitive cost profile utilising conservative mining parameters and current cost assumptions. Summary details include:
Net Present Value (pre-tax NPV8) of approximately $91m with an IRR of 192% at A$3,500/oz.
Initial mine production target inc. mine dilution of approx. 421kt @ 4.6g/t for 62koz Au. Undiscounted Cashflow of approximately A$105m
Pre-production Capital of approximately $3m with maximum drawdown in the order of $12.9m
Payback of Capital in month 14 of operations.
Carnavale has lodged the Mining License application for the Swiftsure deposit.
