Kookynie Gold Resource Hits 117,000 Ounces with High-Grade Zones

Significant Resource Upgrade at Kookynie

Carnavale Resources Limited (ASX – CAV) has announced a major uplift in the mineral resource estimate (MRE) for its Kookynie Gold Project in Western Australia. The updated JORC-compliant resource now stands at 842,000 tonnes at 4.3 grams per tonne gold, equating to approximately 117,000 ounces of contained gold. This represents a 38% increase in total ounces compared to the maiden resource published in June 2024.

The upgrade is underpinned by new infill and extensional drilling results at the Swiftsure deposit and the newly discovered Tiptoe Lode. Notably, the resource includes a bonanza-grade zone containing 60,000 tonnes at an exceptional 28.3 grams per tonne gold, accounting for 55,000 ounces. The high-grade nature of this zone significantly enhances the project's value proposition.

Improved Confidence and Resource Classification

The proportion of the resource classified in the Indicated category has increased markedly by 46%, now comprising 66% of the total resource. This improvement in resource confidence is critical for advancing the project through feasibility and development stages. The resource remains shallow and high-grade, lending itself to multiple mining scenarios including early open pit extraction with potential underground access for deeper ore.

The newly incorporated Tiptoe Lode, located 160 metres northeast along strike from Swiftsure, adds a shallow, potentially open-pittable resource that was not included in the previous resource estimate. Both lodes remain open at depth and along strike, with further exploration targets such as Valiant, McTavish North, and Champion South identified for future drilling campaigns.

Ongoing Studies and Development Options

In response to the resource upgrade, Carnavale has commissioned Cube Consulting to update the original 2024 scoping study. This revised study will incorporate the increased resource base, higher confidence levels, and improved gold price assumptions, with results expected in August 2025. The updated economics are anticipated to be positive, reflecting the project's enhanced scale and grade.

CEO Humphrey Hale highlighted the project's strategic location near several regional mills and the potential for flexible mining development options. These include owner-operator mining, joint venture partnerships, and toll treating arrangements. The company is actively evaluating these pathways to optimise value extraction from the Kookynie Gold Project.

Financial and Operational Context

During the June quarter, Carnavale spent $686,000 on exploration and evaluation activities, with no substantive mining production or development undertaken. The company ended the quarter with $777,000 in cash and plans to raise additional capital in the second half of 2025 to support ongoing exploration and development efforts.

The Kookynie Project remains a compelling high-grade gold opportunity in a prolific Western Australian gold district, with significant upside potential from ongoing exploration and resource expansion.