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Goldman High-grade drilling at Swiftsure and Tiptoe supports reserve growth potential as BFS remains on track for early Q3 2026
Carnavale Resources Ltd (ASX:CAV) has reported further high-grade gold results from the Kookynie Gold Project in Western Australia, with recent RC and diamond drilling reinforcing confidence in the Bankable Feasibility Study (BFS), which remains on track for completion in early Q3 2026.
The latest drilling has further defined bonanza-grade mineralisation at shallow depths, with mineralisation now outlined to less than 20 metres from surface and proposed open pits drilled on a 10m x 10m basis. The company said the work supports both reserve definition and the potential to add ounces within final BFS pit shells.
Among the standout results reported were:
- 1.63m @ 53.8g/t gold from 73.8m in METDD.FR.02 (Swiftsure)
- 3m @ 37.2g/t gold from 74m in L1.FR.003 (Swiftsure)
- 7m @ 28.3g/t gold from 71m in L1.FR.005 (Swiftsure)
- 5.4m @ 29.5g/t gold from 106m in METDD.FR.01 (Swiftsure)
- 3m @ 26.1g/t gold from 25m in L3.OX.029 (Tiptoe)
At Swiftsure, the company said drilling has improved continuity within the high-grade zone while also supporting potential underground development beneath the proposed pits. At Tiptoe, shallow high-grade intercepts continue to support the potential for additional open pit ounces.
An updated Mineral Resource Estimate is now underway and is expected to feed into reserve calculations as part of the BFS. The company also flagged further exploration drilling this quarter aimed at targeting additional resources and new discoveries.
CEO Humphrey Hale commented:
We are delighted that the drilling within the proposed pit envelopes reinforces the continuity of the outstanding bonanza gold grades at Swiftsure and Tiptoe. The possibility of adding valuable, extra ounces to the resource is strong as these high-grade zones continue and extend beneath the proposed pits for continued underground development potential. The recent detailed drilling forms the backbone of a revised MRE, that will be used to calculate open pit reserves for the BFS. Carnavale is well funded and is aggressively progressing work programs that keep the BFS on track to be delivered early Q3.
