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Location: 5 km S from Leonora, Western Australia, Australia
Level 2, Suite 9 389 Oxford StreetPO Box 281 (6915)Mount HawthornWestern Australia, Australia6016
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Carnavale Resources Ltd (CAV 80%) has entered into a JV with Western Resources Pty Ltd (20%) on tenements E40/355, P40/1380, and P40/1381. Western Resources Pty Ltd is free carried until completion of a Bankable Feasibility Study.
The Swiftsure deposit, which comprises the MRE is located on E40/355 (CAV 80%). Carnavale owns 100% of P40/1480. CAV, in joint venture with Western Resources, has applied for a mining license M40/362 and associated miscellaneous licence to develop the project.
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The deposit is Archean shear hosted gold mineralisation with associated supergene enrichment.The Swiftsure deposit sits within the Kookynie Mining centre, which lies astride a regional overlapping of ENE trending basic acid volcanics, sedimentary and BIFs partially stoped by medium-grained granite about 6 km in diameter; all rocks are of Achaean age. There are two types of gold mineralisation associated with the Kookynie area, firstly, high-grade gold is associated with pyritic quartz veins hosted within north to northeast dipping structures crosscutting favourable lithologies also high-grade gold is associated in magnetic, granitic fractions of the granite plutons local to the Kookynie area such as the Puzzle granite that underlies part of the Project.MineralisationGold mineralisation at the Swiftsure and Tiptoe deposits are associated with quartz veining on the contact between dolerite and granodiorite, with very high grades (bonanza, > 10 ppm Au) in continuous shoots in the core of the mineralised lodes that have subvertical plunge to about 150 m below surface, and then appear to plunge at about 60° to the southwest below 150 m.The oxidized/transitional and fresh rock contact is about 40 to 60 m below surface. A 5 m thick layer of transported material overlies the deposit.Dimensions• The mineralised lodes extend 1,100 m along strike towards 045°, dip steeply to the southeast at 70° to 80° and extend up to 420 m below surface (to the 0 mRL);• The lodes range from 2 m to 10 m thick (averaging ~3 to 5 m), with the bonanza grade quartz veins 2 to 3 m thick.
The Kookynie Project is located within trucking distance to many operating gold processing plants in the Eastern Goldfields. Carnavale understands that there are many ways to monetize the Kookynie Project and has evaluated the economics based on a contract operator, toll treatment operation for simplicity.There is no on-site processing capacity at the Project and the scoping study contemplates off-site haulage of ore to a regional processing facility for treatment by way of toll treating. An additional ore-based cost was added to account for this haulage cost.A haulage distance of 100km was nominated, accommodating transport to a range of locations including gold facilities at:• AngloGold Ashanti Australia Limited – Sunrise Dam Gold Mine;• Genesis Minerals Limited – Gwalia Operations, Mount Morgans Processing Plant;• Gold Fields Limited – Granny Smith Gold Mine, Agnew Gold Mine;• Vault Minerals Limited – King of the Hills Gold Mine; ........
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