Up 1,116% in 1 year, why the Caravel (ASX:CVV) share price is gaining today

The Caravel share price is moving higher in morning trade. We look at the latest drill results from the ASX copper share.

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The Caravel Minerals Ltd (ASX: CVV) share price is moving higher in morning trade, up 1.4%.

Below we take a look at the ASX copper shares latest drill results.

What drill results did Caravel report?

Caravel's share price is moving higher after the company reported "significantly better" assay results from its reverse circulation (RC) percussion drilling campaign than previously seen at its Dasher Deposit and nearby prospect areas.

All of the holes were drilled within the company's Caravel Copper Project, a greenfield copper mining and processing project located in Western Australia.

Caravel reported it had completed 16 drill holes, totalling 2,634 metres of percussion drilling. It said the results showed "broad zones of mineralisation at good grade".

According to the release, results from Dasher South indicate potential for extension of resource:

  • 21CARC030 – 192-248m, 56m @ 0.34% Cu
  • 21CARC031 – 54-60m, 6m @ 0.46% Cu and 66-76m, 10m @ 0.35% Cu
  • 21CARC032 – 100-132m, 32m @ 0.38% Cu and 138-142, 4m @ 0.40% Cu

More drilling is expected to define the full extent of this mineralisation, with the company stating that, "Follow-up drilling is planned to investigate the extension of mineralisation further along strike to the south from the Dasher South Prospect."

The company plans to incorporate the latest results into an updated resource estimate. This will be used to help determine the next stage for the Dasher Deposit within the current pre-feasibility study for the wider Caravel Copper Project.

Caravel share price snapshot

Caravel shareholders will have little to complain about over the past 12 months, with shares up 1,116% since this time last year. By comparison, the All Ordinaries Index (ASX: XAO) is up 27% in that same time.

Caravel and other ASX copper shares have enjoyed a welcome tailwind from soaring copper prices. Copper is currently trading for US$9,882 per tonne, up from US$5,260 per tonne at the end of May 2020.

Year-to-date the Caravel share price has continued to outperform, up 52% so far in 2021.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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