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Goldman High-grade hits from SwiftSure and Tiptoe deposits strengthen resource potential
Carnavale Resources Ltd (ASX:CAV) has completed its extensional drilling campaign at the Kookynie Gold Project in Western Australia, targeting additional ounces at the high-grade SwiftSure deposit and the newly identified Tiptoe prospect.
Located 60km south of Leonora and 180km north of Kalgoorlie, the project is strategically positioned for potential trucking to regional processing mills. The drilling program included 4,098m of reverse circulation (RC) drilling and 392m of diamond drilling across 20 holes.
Drilling was aimed at extending known high-grade zones at SwiftSure and following up on shallow discovery results at Tiptoe. Notable intercepts from Tiptoe include:
- 10m @ 5.5g/t from 73m (including 7m @ 7.6g/t) in hole MERC130
- 5m @ 7.5g/t from 93m in MERC128
- 5m @ 4.3g/t from 103m in MERC133
- 2m @ 5.0g/t from 130m (including 1m @ 9.4g/t) in MERC129
Metallurgical samples, including from Tiptoe, have been taken to support ongoing process engineering studies. All RC samples have been dispatched to the laboratory, and the diamond core will be submitted once it has been cut. Assay results are expected in June 2025.
CEO Humphrey Hale commented:
The recent drilling campaign, combined with the earlier drilling in November 2024, was designed to expand the gold resources at Swiftsure and Tiptoe and add increased confidence to the resource classification. We are looking forward to publishing a revised resource statement that includes the new drilling and updating the mining studies to reflect the increase in ounces and the strengthening gold price over the last 12 months.
