Mining License Progress and Drilling Results Set Stage for Kookynie Gold Project’s Next Phase
Carnavale Resources advances its high-grade gold exploration at the Kookynie Gold Project with ongoing drilling targeting extensions at Swiftsure and the newly discovered Tiptoe deposit. Assay results due in June will be pivotal for resource expansion and project development.
- Ongoing RC and diamond drilling at Kookynie targets high-grade extensions
- Newly discovered Tiptoe deposit shows promising shallow high-grade intercepts
- Swiftsure deposit extended down dip by 150m and along strike by 100m+
- Mining license applications progressing alongside contractor discussions
- March quarter exploration expenditure of $324,000 with cash balance of $1.63 million
Exploration Momentum Builds at Kookynie
Carnavale Resources Limited (ASX: CAV) has reported continued progress in its March 2025 quarterly activities, focusing on its flagship Kookynie Gold Project in Western Australia. The company is actively drilling to expand resources at the high-grade Swiftsure deposit and the recently discovered Tiptoe lode, located just 200 metres northeast along strike.
The current program, initiated in April 2025, comprises over 3,500 metres of reverse circulation (RC) drilling and 400 metres of diamond drilling. This phase aims to test immediate resource extensions at Swiftsure’s bonanza-grade shoots and to increase confidence within the existing resource envelope. Additionally, drilling targets extensions below encouraging shallow intercepts at Tiptoe, which has already delivered notable results such as 10 metres at 5.5 g/t gold, including 7 metres at 7.6 g/t.
Resource Extensions and High-Grade Intercepts
Recent drilling has successfully extended Swiftsure mineralisation down dip by 150 metres to approximately 350 metres vertical depth and along strike to the southwest by over 100 metres. Significant intercepts include exceptional grades such as 2 metres at 19.34 g/t from 318 metres and 3 metres at 37.14 g/t from 323 metres, underscoring the deposit’s bonanza potential.
Tiptoe, defined over a 200-metre strike and 120-metre depth, remains open for further expansion. The mineralisation style and proximity to granite intrusions suggest a magmatic-hydrothermal origin, which bodes well for discovering additional high-grade shoots at depth and along strike. Carnavale has also completed a detailed gravity survey and petrographic studies to better understand the structural controls and genesis of mineralisation, which will inform future targeting.
Advancing Towards Production
Beyond exploration, Carnavale is actively progressing mining license applications for Swiftsure and engaging with both open pit and underground mining contractors. CEO Humphrey Hale emphasized the company’s focus on determining the optimal route to production to unlock value from the Kookynie Gold Project. The project’s location, approximately 60 kilometres south of Leonora and 180 kilometres north of Kalgoorlie, offers logistical advantages with trucking access to nearby operating mills.
Metallurgical sampling is underway to support process engineering studies, with the aim of refining recovery parameters and enhancing project economics. The company’s previous scoping study, based on a maiden resource of 85,000 ounces at Swiftsure, is expected to be updated with new drilling data, potentially improving the project’s economic profile.
Financial Position and Outlook
During the quarter, Carnavale reported exploration expenditure of $324,000 and ended with a cash balance of $1.63 million. The company remains well-funded to continue its aggressive drilling and development programs. No production or development activities occurred during the quarter, consistent with the company’s focus on resource growth and permitting.
Looking ahead, assay results from the current drilling campaign are anticipated in the June 2025 quarter and will be critical in confirming resource extensions and guiding further exploration. Carnavale’s strategic option agreements with partners such as Midas Resources and Trans Pacific Energy Group underpin its broader regional exploration ambitions.
Bottom Line?
As Carnavale pushes deeper and wider at Kookynie, the June assay results will be a key catalyst for validating its high-grade gold potential and advancing toward production.
Questions in the middle?
- Will the June quarter assay results confirm significant resource growth at Tiptoe and Swiftsure?
- How will ongoing mining license approvals impact the project’s timeline to production?
- What are the implications of metallurgical test results on processing and project economics?