Caravel (ASX:CVV) share price edges lower on infill drilling results

The company's shares are losing ground…

| More on:
white arrow pointing down

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. 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.

More on Share Market News

Three guys in shirts and ties give the thumbs down.
Share Fallers

Why Coles, Liontown, Lovisa, and Wildcat shares are dropping today

These ASX shares are having a difficult session. But why?

Read more »

A businessman looking at his digital tablet or strategy planning in hotel conference lobby. He is happy at achieving financial goals.
Share Gainers

Why DroneShield, Healius, Newmont, and Paragon Care shares are pushing higher

These ASX shares are having a strong session on Tuesday. But why?

Read more »

a mine worker holds his phone in one hand and a tablet in the other as he stands in front of heavy machinery at a mine site.
Materials Shares

Why are ASX lithium shares like Pilbara Minerals crashing on Tuesday?

Lithium stocks are getting another whack today.

Read more »

two colleagues high five each other as they sit side by side at a long desk in front of their laptop computers in an office environment.
Mergers & Acquisitions

Guess which ASX small cap stock is rocketing 27% on 'transformative' merger

Investors are liking the look of this merger plan.

Read more »

a woman wearing red blows a big bubble with bubblegum from her mouth.

Is the surging Nvidia share price causing a stock market bubble?

Is one high-flyer a sign of investors getting too excited?

Read more »

Miner looking at a tablet.
Share Gainers

Guess which ASX lithium stock just surged 94% on a deal with Mineral Resources

Investors are sending the ASX lithium stock rocketing following a joint venture agreement with Mineral Resources.

Read more »

a young woman props her hand under the face as she pokes her head out from under a luxurious doona in a bedroom decorated with flowers and a stylish lamp.
Share Market News

Why is the Lovisa share price sinking today?

Is today's decline bad news or good news?

Read more »

Miner and company person analysing results of a mining company.
Materials Shares

Up 2,150% in a year, why is the Wildcat Resources share price crashing today?

Investors appear displeased with Wildcat's latest update on the Tabba Tabba project.

Read more »