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Carnavale Resources Ltd. 19.04.2021

Carnavale Resources Ltd.: High grade Gold discovered at Kookynie Gold Project

2021.04.19 ASX Second Kookynie Aircore results

Highlights

 

-            Aircore drilling identifies high-grade, structurally controlled gold mineralisation under cover.

-            High-grade gold mineralisation was intersected at McTavish East. Significant intercepts include:

Hole KOAC210 2m @ 16.25g/t from 54m

8m @ 0.90g/t from 70m inc. 4m @ 1.52g/t

7m @ 0.32g/t from 81m

 Hole KOAC209 2m @ 3.11g/t from 14m

Hole KOAC230 2m @ 2.27g/t from 50m

Hole KOAC216 4m @ 1.80g/t from 70m inc. 2m @ 3.40g/t

2m @ 1.11g/t from 30m

Hole KOAC217 2m @ 1.64g/t from 54m

-            McTavish East anomaly consists of 500m of strike length and remains open to the northeast.

-            High grade gold mineralisation was intersected at McTavish North. Significant intercepts include:

Hole KOAC183 6m @ 1.54g/t from 2m inc. 2m @ 3.43g/t and 2m @ 1.01g/t

10m @ 0.74g/t from 12m inc. 6m @ 1.09g/t

Hole KOAC184 6m @ 1.08g/t from 8m

Hole KOAC185 1m @ 4.54g/t from 31m

-          McTavish North anomaly consists of 160m of strike length and remains open to the north.

-          The Kookynie Gold Project is along strike and adjacent to Nex Metals Ltd (ASX: NME) and Metalicity Ltd.’s (ASX: MCT) high-grade Leipold, McTavish Cosmopolitan and Champion deposits, being successfully explored by MCT under an earn in agreement.

 

Carnavale Resources Limited (ASX: CAV) is pleased to report on results received from the second round of aircore drilling at the Kookynie Gold Project. The drilling program was designed to follow up on the three gold anomalies identified by the first round of drilling in December 2020. The anomalies at McTavish East and McTavish North have been extended and expanded by this recent drilling program.

 

Chairman Ron Gajewski commented:

 

“The Company continues to explore at a fast pace at the Kookynie Gold Project. The recent round of drilling has extended the anomalous areas first identified in December and has now intersected the high- grade gold mineralisation analogous to the historic gold mines that the Kookynie Mining District is famous for. The anomalies are growing in scale and grade by an order of magnitude from their initial identification.”The Kookynie Gold Project

 

The Project is in the central portions of the historic Kookynie mining centre, which has produced over 650,000oz from high-grade gold lodes (Figure 1). Carnavale’s strategy is to explore and define sufficient high-grade gold resources that can be mined and transported to a processing plant nearby.

 

 

Figure 1, Carnavale tenement holding with production from historic deposits.

 


Two types of gold mineralisation occur in the Kookynie area, high-grade gold associated with pyritic quartz veins hosted within north to northeast dipping structures crosscutting favourable lithologies and high-grade gold associated in fault zones within magnetic, differentiated fractions of the granite plutons.

 

Aircore Drilling Program

Bostech Drilling completed a second program of 117 aircore holes at the Kookynie Gold Project for 5,967m. This program tested the extents and potential of the multiple gold anomalies and structural features identified the Company’s first round of aircore drilling completed in December 2020.

 

 


Figure 2, Plan of McTavish North and McTavish East mineralization over Aeromagnetic image

 

The second phase of drilling at the Kookynie Gold Project is part of a systematic exploration approach employed by the Company targeting high-grade gold mineralisation associated with structural corridors.

 

The drilling successfully used the strong gold anomalism detected in the first round of drilling as a vector to high-grade mineralisation, similar to that hosted by the historic mines such as Cosmopolitan, Leipold, and McTavish. The second phase of aircore drilling has also significantly expanded the footprint of this gold anomalism in the weathered profile.

 

Samples were taken on 2 metre composite intervals downhole, finishing with a 1 metre sample at the bottom of hole (BoH) in the freshest material. All samples were analysed for multi-element geochemistry and the BoH samples were also analysed for trace element geochemistry to help with further interpretation.

 

Exploration results

McTavish East

Immediately to the east of NME and MCT’s McTavish tenement (McTavish East), Carnavale has discovered gold mineralisation with the anomaly striking over 500m remaining open to the northeast (Figure 2). Significant intercepts include:

 

Hole KOAC210 2m @ 16.25g/t from 54m

8m @ 0.90g/t from 70m inc. 4m @ 1.52g/t

7m @ 0.32g/t from 81m

 Hole KOAC209 2m @ 3.11g/t from 14m Hole KOAC230 2m @ 2.27g/t from 50m

Hole KOAC216 4m @ 1.80g/t from 70m inc. 2m @ 3.40g/t

2m @ 1.11g/t from 30m

Hole KOAC217 2m @ 1.64g/t from 54m

 

Figure 3, Section through McTavish East showing geology and mineralisation.

 

 


In the second phase the aircore drilling was extended along strike of the original anomaly to the northeast to expand the extent of the gold mineralisation prior to RC drilling. The second phase of aircore has successfully extended the mineralized zone by over 100m to the northeast and remains open (Figure 1).

 

The mineralisation at the McTavish East prospect is steeply dipping to the east and is structurally controlled by northeast striking structures that can be interpreted from the aeromagnetic images flown by Carnavale in late 2020. These mineralizing structures have been the subject of deeper weathering that can be seen in the section through McTavish East (Figure 3). It is of note that intrusive, felsic porphyries have been logged within these structural zones, which may indicate that the mineralizing structures have been active for a long time.

 

Gold mineralization, interpreted to be of alluvial origin, has been identified near the surface at McTavish East within the transported material. It can be seen on the section (Figure 3) that the paleo surface slopes to the east and that the alluvial gold in the transported horizon lies to the east and downslope of the identified gold mineralization at depth. It is interpreted that the primary mineralisation identified by the aircore drilling, at depth, is the source of the transported gold to the east and downslope.

 

The transported gold has been plotted on plan (Figure 2) showing the relationship to the deeper primary mineralization. The transported gold mineralization extends to the northeast and to the east of the primary mineralization. This shallow gold anomalism in the transported material provides an additional pathfinder and vector for the deeper primary high-grade mineralisation.

 

It is notable that the upper regolith profile, over the primary gold mineralization, appears to be depleted in gold for the first few metres, with significant gold mineralisation identified in the lower saprolite.

 

Primary gold mineralisation at McTavish East is found in northeast trending structures that have a deeper weathering profile and are characterized by an alluvial gold anomaly to the east. McTavish East remains open to the northeast for 2km.

 

McTavish North

The gold anomalies to the north of NME and MCT’s McTavish tenement (McTavish North) are characterized by a number of shallow old workings and pits. The recent aircore drilling intercepted high- grade gold mineralisation in weathered rock. Significant intercepts include:

 

Hole KOAC183 6m @ 1.54g/t from 2m inc. 2m @ 3.43g/t and 2m @ 1.01g/t

10m @ 0.74g/t from 12m inc. 6m @ 1.09g/t

Hole KOAC184 6m @ 1.08g/t from 8m Hole KOAC185 1m @ 4.54g/t from 31m

 

The McTavish North Prospect has abundant old workings and pits developed by historic miners that have not been tested by modern exploration techniques until now. Rock chips from around these old workings have returned gold assays that include 33.21g/t and 9.93g/t.

 

The recent aircore drilling has identified wide zones of gold mineralization in the regolith profile that provides a vector to potential high-grade mineralization at depth (Figure 4). The new zone identified by recent drilling strikes 160m to the north and remains open.

The primary gold mineralisation at McTavish North strikes to the north and northeast and remains open. The mineralized structures appear to dip to the east and are adjacent to the contact between the intermediate volcanics and the mafic volcanics (Figure 4). The high-grade gold is found within the saprock close to the fresh rock boundary indicating dispersion and depletion within the upper saprolite.

 

 


 

Figure 4, Section through McTavish North showing geology and mineralisation.

 

There have been two gold zones identified at McTavish North (Figure 2) that remain open to the north and northeast. Carnavale is excited to discover that the McTavish North Prospect appears to have multiple stacked gold bearing structures within each zone.

 

Exploration Strategy

CAV’s proposed work program includes:

-            Additional aircore drilling to define the extents of the new anomalies at McTavish East and McTavish North.

-            Infill aircore drilling to outline the detail of the new anomalies

-            RC drilling for the bed rock source of these regolith anomalies.

-            Interpretation of the multi-element geochemistry and drainage anomalies to provide further understanding of the morphology of the mineralising systems

This release is approved by the Board of Carnavale Resources Limited.

 

For further information contact:

Ron Gajewski Humphrey Hale

Chairman Managing Geologist P: +61 8 9380 9098

 

Competent Persons Statement

The information that relates to Exploration Results for the projects discussed in this announcement represents a fair and accurate representation of the available data and studies; and is based on, and fairly represents information and supporting documentation reviewed by Mr. Humphrey Hale, a Competent Person who is a Member of The Australian Institute of Geoscientists. Mr. Hale is a Consultant to Carnavale Resources Limited. Mr. Hale has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves”. Mr. Hale consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

 

Forward Looking Statements

Statements regarding Carnavale’s plans with respect to the mineral properties, resource reviews, programs, economic studies and future development are forward-looking statements. There can be no assurance that Carnavale’s plans for development of its mineral properties will proceed any time in the future. There can also be no assurance that Carnavale will be able to confirm the presence of additional mineral resources/reserves, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of Carnavale’s mineral properties.

 

Please follow the link to view the full press release: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02364508-6A1028768?access_token=83ff96335c2d45a094df02a206a39ff4

 

 

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