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Caravel completes 251 million-tonne maiden resource estimate for Calingiri copper project

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Caravel completes 251 million-tonne maiden resource estimate for Calingiri copper project

CaravelMinerals Ltd. said April 4 that it has completed the maiden mineralresource estimate for the Calingiri copper project in Western Australia, with over74% of the resource in the indicated category.

Caravel reported a maiden resource estimate of 251 milliontonnes grading 0.34% copper for 844,300 tonnes of copper. The estimate can bebroken down into indicated resources of 187 million tonnes grading 0.34% copperfor 626,300 tonnes of copper and inferred resources of 64 million tonnesgrading 0.34% copper for 218,000 tonnes of copper.

Resources remain open along strike and at depth, and includehigher-grade zones from near surface. The mineral resource consolidates theproject's Bindi, Dasher and Opie prospects.

Caravel CEO Marcel Hilmer noted that a scoping study isongoing for Calingiri, which will determine the most suitable mining scenariofor what the company believes is an economically robust copper project.