Growth Potential gDesign 31 July 2023



Caravel Minerals has identified clear potential to increase its Resource base within the Caravel Project area, both by extending existing Resources and by making new discoveries along the 30km zone of known mineralisation within the Wongan Batholith.

The Wongan Batholith is a relatively new mineral field, first discovered in 2010, and is in a very early stage of exploration maturity with a thin layer of cover meaning significant deposits may be concealed.

Caravel Minerals CVV Wongan Batholith Map
Simplified interpreted geology of the Caravel Copper Project area showing the Wongan Batholith and mineralised drill holes.

All the current Mineral Resources (Bindi, Dasher and Opie) remain open, with potential to be extended at depth or along strike. In particular, Bindi ‘Lower Limb’ offers significant Resource upside, with wide zones of mineralisation above cut-off grades to the east of the planned Bindi open pit.

Opie has received only limited testing and the main ore shoot remains open down plunge. The wider area around Opie shows numerous mineralised drill intercepts and surface anomalism over around 5km of strike. This remains a high priority area for further exploration.

Dasher remains open along strike to the south and at depth, with mineralisation already extended over 1,500m to the south of the existing Resource. There is also evidence of folding and potential for repeated limbs of the Dasher ore zone, as seen at Bindi.

Caravel Minerals CVV Bindi West Limb

Other advanced exploration prospects include the Ninan, Ninan North, Dasher East and Kurrali targets, all of which have confirmed mineralisation with grades and widths similar to those found within the existing Mineral Resources.

Caravel will continue a program of systematic exploration, with high expectations for strong ongoing Resource growth.