Cavalier Resources Limited (ASX: CVR) has completed its IPO and listed on the ASX.
“Cavalier is exceptionally pleased with its IPO capital raising, enabling the rapid exploration progression on our 100%-owned Western Australian Gold and Nickel-Gold projects,” Daniel Tuffin, Executive Technical Director, said.
“The company has budgeted for an extensive exploration programme over the coming two years. It will conduct an internal review to advance mine readiness and expect to commence drilling at Crawford soon. Exploration of the Gambier Lass North gold and Ella’s Rock nickel-gold projects will occur concurrently with Crawford’s works.
“Historical drilling at Crawford has returned high-grade results inside thick mineralised zones of near surface oxide material.
“Any positive outcomes from future mining studies at Crawford may provide the potential for a resultant mining operation, allowing Cavalier to self-fund exploration and development activities without the need to dilute shareholders through any future capital raising activities.
“Due to our planned extensive work schedule, we will have a continuous newsflow and results to share in the first 12 months.”
Cavalier’s Portfolio
The company has assembled highly prospective gold and nickel-gold packages in Western Australia.
The Leonora Gold Project
The Leonora Gold Project comprises two sub-projects, Crawford and Gambier Lass North, consisting of ten exploration licences, a prospecting licence, a miscellaneous licence and a mining lease. The Crawford Gold Deposit, which includes a 101,000oz JORC compliant Mineral Resource, is located on the granted mining lease.
The Crawford Gold Project
Crawford is primarily an oxide hosted supergene style mineralised system which has been privately advanced towards a mining operation.
The company intends an immediate internal review on the viability of progressing the project towards a scoping study Sections of the previous drilling were completed on 10m spaced sections with 140 RC holes for 13,528m drilled and focussed on infilling the oxide zone with little drilling extending into material deeper than 70m.
Thick Zones of mineralisation close to the surface are open along strike and at depth; historical drilling results include:
· 11m @ 2.17g/t from 16m;
· 10m @ 3.38g/t (inc. 2m @ 12.4g/t) from 17m;
· 18m @ 2.77g/t (inc. 3m @ 6.96g/t) from 27m;
· 19m @ 1.64g/t (inc. 4m @ 3.23g/t) from 30m;
· 15m @ 2.49g/t (inc. 3m @ 7.87g/t) from 35m;
· 6m @ 5.55g/t (inc. 1m @ 21.1g/t) from 37m;
· 22m @ 2.98g/t (inc. 6m @ 5.39g/t) from 38m;
· 7m @ 5.39g/t, (inc. 2m @ 14.2g/t) from 49m; and
· 6m @ 2.12g/t, (inc.1m @ 7.20g/t) from 55m.
The Gambier Lass North Project
The Gambier Lass North Project is located to the north west of the Crawford Gold Project and is located mainly within sediments of the Pig Well graben.
Previous exploration has focussed on gold mineralisation, although some work has targeted Teutonic Bore style base metal mineralisation within felsic lithologies.
Recent drilling has delineated northern extensions to the historic Gambier Lass underground mine with narrow, high grade quartz lodes.
This mineralisation remains open at depth and along strike towards the northwest with historical drilling results include:
· 5m @ 1.42g/t from 13m;
· 4m @ 2.77g/t from 31m;
· 14m @ 1.60g/t (inc. 6m @ 3.29g/t) from 32m;
· 3m @ 1.98g/t from 45m; and
· 10m @ 1.40g/t from 55m
Ella’s Rock Nickel-Gold Project
The Ella’s Rock Nickel-Gold Project consists of three under-explored exploration licences with little previous drilling. It covers an area east of the Forrestania Greenstone Belt where the Western Area’s held Diggers Rocks open pit nickel mine (2.57Mt @ 1.2% Ni) and the new Kat Gap Gold mine, owned by Classic Minerals, are located.
It is near the Western Area’s owned Cosmic Boy nickel concentrator plant. Surface mapping indicates the presence of greenstone lithologies in an area previously considered predominantly granite. Ella’s Rock provides Cavalier with potentially significant nickel exposure, diversifying and enriching the value of its tenement portfolio.
For further information please visit: https://www.cavalierresources.com.au/
