Carnival Resources (ASX:CAV) Concludes Second RC Drilling Program at Kookynie – The Market Herald
- Carnival Resources (CAV) completes second reverse circulation drilling program on the Kookynie Gold project in Western Australia
- Work has been undertaken at the McTavish East and North prospects to test the extensions of the shallow, high-grade gold veins previously identified.
- Carnival says the program has been closely managed with updated drill targets as new information is received
- As such, the company extended two previous RC holes and completed three pre-collars for diamond drilling, which is planned and pending rig availability.
- CAV ends the day in the gray with shares trading at 1.1 cents
Carnival Resources (CAV) has completed a second reverse circulation (RC) drilling program on the Kookynie Gold project in Western Australia.
The company is working to acquire an 80% stake in the project through an agreement with a private company, Western Resources.
Drilling resumed last month and covered the newly discovered McTavish East prospect as well as the McTavish North prospect.
At Kookynie East, 30 drill holes totaling 5,210 meters were completed, testing extensions of previously identified high-grade shallow gold veins.
At McTavish East, 16 holes were completed along with three pre-collars for diamond drilling.
Carnival managed the program closely and updated drill targets as information on logging geology and weathering was received. This resulted in the extension of two previous RC holes at McTavish East.
The strike length of the mineralized zone has now increased beyond 320 meters and remains open laterally and at depth.
“The field team reacted quickly to the geology and weathering encountered in the RC chips,” said CEO Humphrey Hale.
“As a result, we were able to optimize the drill program to effectively intersect the mineralized structures and extend the structures down dip and along strike.”
The results of this program should be received by mid-June.
Going forward, the company plans to mobilize a diamond drill rig, pending its availability, to complete the three pre-collars that will target the deep extensions of the mineralized structures.
A separate core drilling program is also planned in the second quarter of this year to expand the McTavish East discovery.
CAV ended the day in the gray with shares trading at 1.1 cents.