Geology and Exploration gDesign 31 July 2023


Geology and Exploration

The Caravel Copper Project is located in the Yilgarn Craton of Western Australia, a relatively unexplored area that hosts several of Australia’s largest and most important mineral discoveries. These include the +20Moz Boddington Gold Mine (Australia’s largest gold mine), the Greenbushes Lithium Mine (the world’s largest hard rock lithium mine) and the Julimar Nickel-Copper-PGE deposit (Australia’s largest PGE deposit).

The Caravel deposits are Archaean porphyry copper systems, formed ~2.7 billion years ago on the plate margin of the Yilgarn Craton. Their formation is similar to modern porphyry copper deposits but has been deformed and does not outcrop due to surface weathering.

The Caravel deposits were originally discovered by Dominion Mining as part of a large-scale regional soil geochemical sampling program across the WA Wheatbelt, which was primarily targeting gold. From this data, areas of anomalous copper were identified and follow-up drilling was conducted. RC drilling undertaken by Dominion in 2010 intersected pervasive chalcopyrite-molybdenite mineralisation over widths of up to 250 metres.

Caravel Minerals acquired the tenements in 2013, with further exploration between 2013 and 2015 resulting in the discovery and delineation of a large, near-surface system of porphyry-style copper mineralisation with significant associated molybdenum, and to a lesser extent associated silver and gold.

To date, Mineral Resources have been defined at the Bindi, Dasher and Opie deposits, with the potential to define other mineralised systems within the +30km of strike extent within Caravel’s tenements.