Crawford Project’s Future Hinges on Pending Assays and Resource Update

Drilling Success at Northern Development Area

Cavalier Resources Limited (ASX, CVR) has announced compelling results from its recent 4,647-metre reverse circulation drilling campaign at the Crawford Gold Project in Leonora, Western Australia. The drilling targeted extensions of mineralisation beyond the Stage 1 starter pit, focusing on the Northern Development Area immediately north of the existing pit.

Among the standout intercepts were 7 metres grading 5.07 grams per tonne (g/t) gold from 88 metres, including a higher-grade 2-metre section at 13.60 g/t, and 5 metres at 6.26 g/t gold from 87 metres, featuring a 1-metre interval at 21.30 g/t. These results confirm continuity of mineralisation and suggest potential for a high-grade cutback or even future underground mining operations.

Pending Assays and Resource Growth Potential

While the Northern Development Area assays have been received, results from the Southern Development Area and the Miranda Target remain pending. Cavalier’s management anticipates that these forthcoming results will further enhance the Mineral Resource base, supporting an update to the Mineral Resource Estimate. CEO Daniel Tuffin highlighted the strategic importance of these findings in extending the mine life and adding depth to the project’s resource profile.

Robust Economics from Revised Pre-Feasibility Study

Complementing the drilling success, a revised Pre-Feasibility Study (PFS) completed in April 2025 underscores the project’s strong economic fundamentals. At a gold price assumption of A$4,600 per ounce, the PFS delivers a net present value (NPV8) of A$51.7 million and an internal rate of return (IRR) of 580%, with a rapid payback period of under nine months. The all-in sustaining costs (AISC) are projected at a competitive A$1,574 per ounce, placing Crawford in the lower quartile of global gold production costs.

The PFS assumes a total recovered production of 23,467 ounces over an 18-month mine life, with capital expenditure estimated at A$9 million. The project’s ore reserve is classified as probable, comprising 1,002,000 tonnes at 0.91 g/t gold for 29,300 ounces, based on a cut-off grade of 0.3 g/t.

Project Location and Operational Outlook

Located near Leonora in Western Australia, the Crawford Gold Project benefits from established infrastructure, including road, rail, power, and water access. The company reports no known impediments related to environmental or permitting risks, with ongoing community and regulatory consultations progressing as expected.

Mining operations are planned in two stages to optimize pre-stripping and ore extraction, with heap leach processing proposed for gold recovery. Metallurgical test work indicates high gold recoveries with low reagent consumption, supporting the project’s economic viability.

Looking Ahead

Cavalier Resources’ recent drilling results and robust PFS economics position the Crawford Gold Project for a promising development trajectory. The company’s focus now turns to pending assay results and the Mineral Resource Estimate update, which will be critical in refining the project’s scale and mine planning.