The Caravel Mineral Ltd (ASX: CVV) share price is heading south on Thursday’s market session. This comes after the Australian miner released its infill drilling results at the Bindi Copper Deposit.
At the time of writing, the Caravel shares are down 3.33% to 43.5 cents apiece.
What were the drilling results?
According to its release, Caravel announced that assay results for 22 recently completed reverse circulation (RC) percussion holes were received. The infill drilling campaign at Bindi intersected wide zones of high-grade copper mineralisation. This included the following:
- 34 meters to 42 meters at 1.75% copper (21CARC059)
- 40 meters to 54 meters at 0.77% copper (21CARC067)
- 40 meters to 60 meters at 0.59% copper (21CARC068)
- 140 meters to 168 meters at 0.56% copper (21CARC072)
- 104 meters to 138 meters at 0.96% copper (21CARC074)
Caravel stated that the results show a good correlation with field observations of mineralisation in drill chips. This helps define higher grade zones within the Bindi East Limb indicating a copper-molybdenum (Cu-Mo) rich zone.
Assay results are pending for another 47 RC percussion holes and are expected to arrive sometime in mid-September.
The company noted that a diamond core rig remains on site to improve geological confidence in the area. The rig will drill a series of 4 deep holes below the East Limb before moving onto the southern end to drill another hole.
Diamond drilling is a more efficient way for precise sampling and analysis, whereas RC drilling is used for extracting bulk samples. When it comes to speed, RC drilling is the faster method, however, diamond drilling is employed when seeking accurate results.
Caravel share price summary
It’s been a positive 12 months for Caravel investors, with the company’s shares accelerating almost 600%. When looking at the year to date, the Caravel share price has surged around 120%.
Based on today’s price, Caravel presides a market capitalisation of roughly $164.6 million, with approximately 378 million shares on hand.