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Australia

Caravel Project

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Overview

Mine TypeOpen Pit
StagePermitting
Commodities
  • Copper
  • Molybdenum
  • Gold
  • Silver
Mining Method
  • Truck & Shovel / Loader
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SnapshotCaravel Copper Project – Australia's largest undeveloped copper deposit.

As of 13 April 2023, Caravel has reviewed the Pre-Feasibility Study to support an incremental increase in process plant capacity and the inclusion of a Molybdenum Recovery Circuit (MRC).

The Feasibility Study is expected to be completed in Q4 2024.

The final baseline studies required for State and Federal environmental approvals are approaching completion. The preparation of the Environmental Review Document (ERD) is well advanced, and Caravel aims to submit its ERD in early 2024.

Owners

SourceSource
CompanyInterestOwnership
Caravel Minerals Ltd. 100 % Indirect
The tenements are held 100% by Caravel Minerals.

Contractors

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Deposit type

  • Metamorphic hosted
  • Vein / narrow vein
  • Porphyry

Summary:

Caravel Copper Project combines Bindi, Dasher, and Opie deposits.

Mineralisation at the Caravel Copper Project is hosted by a highly deformed Archaean granite and considered to originate as a large porphyry copper system.

The mineralised granitic gneiss at Bindi has been deformed into a tight fold, overturned to the east with the fold hinge plunging to the northwest.

The mineralization typically forms broad, tabular zones in the order of 50-100m true thickness, zones of higher grade material are associated with fold hinges.

The mineralisation at Bindi typically consists of chalcopyrite + molybdenite, stringers and disseminations with associated pyrite ±pyrrhotite ±magnetite within a coarse-grained, quartz-feldspar-biotite ±garnet ±sillimanite gneiss.

The mineralised granitic gneiss at Bindi is overlain by upto 40m of largely barren regolith consisting of an upper laterite and saprolitic clay. Minor oxide (supergene) mineralisation is variably developed as a sub-horizontal zone within the regolith profile east of the Bindi East Limb and at the southern end of the Bindi West Limb.

The mineralisation at Dasher is very similar to Bindi except the mineralised gneiss occurs in a moderate east dipping window between younger granites and the regolith profile is much thinner.

The granite host rock, the inferred pre-metamorphic mineral assemblages and general scale and style are all consistent with the porphyry copper model. The broader geological setting is also consistent with a porphyry style of mineralisation, with the 30km mineralised trend following the margins of granite batholith of similar scale, referred to as the Wongan Batholith.

Outhwaite (2017) describes in detail age dating work and the tectonic history of the project area. Host granites and associated mineralisation have been dated at around 3.0 Ga, with subsequent deformation and metamorphism around 2.7 Ga, coincident with the regional deformation and gold mineralisation at Kalgoorlie and the wider Yilgarn goldfields, as well as the Boddington gold deposit.

Copper occurs almost exclusively as chalcopyrite sulphides associated with quartz veins. Copper grade is largely determined by the frequency and thickness of the veins, which may be semi-massive chalcopyrite up to several cm thick, though mostly the sulphide veins are more attenuated and in the range of mm thick following the main foliation. The frequency of veins or sulphide bands also varies on the scale of meters and tens of meters, where copper grades may range up to 0.6% over thicknesses of tens of meters with lower grades or waste in between.

Molybdenite, pyrite and pyrrhotite may accompany the chalcopyrite, though in much lower levels. Garnet, sillimanite and magnetite are also commonly associated with mineralisation, possibly as products from metamorphism of the primary alteration assemblages. Garnets have an almandine composition and are coarse grained, often overprinting the foliation. Both garnet and magnetite occur in sufficient abundance that they may offer opportunities as by product minerals to be recovered from the tails stream with economics still to be evaluated.

The mineralised zones have undergone higher strain than adjacent barren granites in the footwall. In the higher strain zones, the mineralised veins have been transposed into the dominant foliation.

Detailed geotechnical and structural logging from drill core has identified these foliation trends form well defined groupings that are consistent with the interpretation that the Bindi West and Bindi East Limbs converge to form a NNW plunging fold structure, the closure of this fold is termed the Bindi Hinge Zone. At the southern end of the East Limb there is evidence for another fold termed the SE Synform, where the East Limb remains open to the east and may return to surface in an area recently shown to contain significant bedrock copper mineralisation immediately east of the planned Bindi pit. The fold closures are often associated with better grades of mineralisation, possibly due to remobilisation of sulphides into the fold hinges, so the identification of these structural models has been important in both the targeting of better grade areas and the development of the Resource models.

Dimensions
Bindi West Limb of 2,950m along strike (NNE-SSW), ranging between 50-200m thick and present from surface (260mRL) down below -150mRL.

Bindi East Limb of 2,000m along strike (N-S), ranging up to 500m thick from surface (260mRL) down below -500mRL.

Dasher mineralized zone of 2,600m along strike (N-S), ranging up to 250m thick from surface (320mRL) down to -200mRL.

Reserves

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Mining Methods

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Comminution

Crushers and Mills

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Processing

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Production

CommodityUnitsAvg. Annual
Copper M lbs 143
Molybdenum M lbs 2
All production numbers are expressed as metal in concentrate.

Operational metrics

Metrics
Annual ore mining rate  ....  Subscribe
Annual processing capacity  ....  Subscribe
Stripping / waste ratio  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
* According to 2023 study.

Production Costs

CommodityAverage
Credits (by-product) Copper  ....  Subscribe
All-in sustaining costs (AISC) Copper  ....  Subscribe
C1 cash costs Copper  ....  Subscribe
Assumed price Molybdenum  ....  Subscribe
Assumed price Copper  ....  Subscribe
Operating margin Copper  ....  Subscribe
Assumed price Silver  ....  Subscribe
Assumed price Gold  ....  Subscribe
* According to 2023 study / presentation.
** Net of By-Product.

Operating Costs

Currency2023
OP mining costs ($/t milled) AUD 5.22 *  
Processing costs ($/t milled) AUD  ....  Subscribe
Total operating costs ($/t milled) AUD  ....  Subscribe
* According to 2023 study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M AUD  ......  Subscribe
Sustaining CapEx $M AUD  ......  Subscribe
Net revenue (LOM) $M AUD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M AUD  ......  Subscribe
Pre-tax NPV @ 7% $M AUD  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
Pre-tax payback period, years  ......  Subscribe

Required Heavy Mobile Equipment

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AV - Autonomous

Personnel

Mine Management

Job TitleNameEmailProfileRef. Date
....................... Subscription required ....................... Subscription required ........... Subscription required Subscription required Jan 9, 2024

Total WorkforceYear
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