01/04/2022 - 14:07

Caravel outlines copper potential

01/04/2022 - 14:07

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Caravel Minerals has delivered a maiden ore reserve for its namesake project in WA’s Wheatbelt, appraising the outfit as one of Australia’s largest undeveloped copper deposits.

Caravel outlines copper potential
Caravel has delivered a maiden ore reserve for its copper project. Photo: Caravel Minerals

Caravel Minerals has delivered a maiden ore reserve for its namesake project in WA’s Wheatbelt, appraising the outfit as one of Australia’s largest undeveloped copper deposits.

Shares in the Subiaco-based explorer rose some 16 per cent after announcing the project contained a proven and probable ore reserve of 553 million tonnes at 0.25 per cent copper, yielding 1.36 million tonnes of contained commodity.

On these estimates, Caravel believes the project to be one of the largest undeveloped copper deposits in Australia. It comprises three deposits, namely, Bindi, Dasher and Opie.

Caravel said the project would have a 28-year mine life, based on an open-pit mine operation.

The ore reserve is based on a 12 million tonnes per annum copper processing facility which would be doubled to a 24 million tonnes per annum capacity in the project’s sixth year.  

The company has undertaken additional drilling, on top of roughly 28,000 metres worth of diamond and reverse circulation drilling completed for its refreshed mineral resources estimate last year, to support the reserve statement.

Capital expenditure for the project is estimated at $748.5 million.

Caravel’s project is located 120 kilometres northeast of Perth in Western Australia's Wheatbelt region, between the towns of Calingiri and Wongan Hills.

Caravel shares were up 22.81 per cent to trade at 35 cents.

 

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