Cavalier Resources Unveils High-Grade Gold Extensions at Crawford

Extending the Gold Envelope

Cavalier Resources Limited (ASX, CVR) has announced encouraging new assay results from its Southern Development Area at the Crawford Gold Project in Western Australia. The latest drilling campaign has delivered high-grade gold intercepts extending mineralisation southwards beyond the confines of the Stage 1 Starter Pit, reinforcing the potential to expand and upgrade the existing Mineral Resource Estimate (MRE).

Key highlights from the recent assays include a 7-metre intercept grading 5.90 grams per tonne (g/t) gold, including a standout 1-metre section at 19.1 g/t, and a 15-metre intercept at 2.69 g/t gold with a 3-metre section at 7.03 g/t. These results confirm continuity of mineralisation along strike and at depth, suggesting opportunities for a cutback or additional mining stages within the Southern Development Area.

Advancing Resource Confidence

With these promising results, Cavalier is moving forward to update its Mineral Resource Estimate. The company awaits pending assay results from the Miranda Target, which may further enhance resource growth along the largely untested northern corridor. Combined with recent strong outcomes from the Northern Target Area, the overall drilling program is shaping a more robust resource base for the project.

Executive Technical Director and CEO Daniel Tuffin emphasised the significance of these findings, noting that the high-grade extensional mineralisation south of the Stage 1 Starter Pit supports the potential for further mining development and resource upgrades.

Robust Economics Underpinning Development

The announcement also references a revised Pre-Feasibility Study (PFS) completed in April 2025, which underscores the project's strong economic fundamentals. At a gold price of A$4,600 per ounce, the PFS delivers an NPV8 of A$51.7 million and an internal rate of return (IRR) of 580%, with a payback period of just 9 months. The project targets a total recovered gold production of approximately 23,467 ounces over an 18-month mine life.

Mining is planned in two stages, with ore trucked directly to a run-of-mine pad and processed via heap leaching. The Ore Reserve remains steady at 1,002 kilotonnes grading 0.91 g/t gold, equating to 29,300 ounces.

Technical and Regulatory Assurance

The release includes comprehensive JORC-compliant technical data, detailing drilling methodologies, assay protocols, and resource estimation techniques. The company confirms no material changes to prior resource assumptions, environmental risks, or regulatory status. Metallurgical test work indicates high gold recoveries with low reagent consumption, supporting the planned heap leach processing route.

While the inferred resources carry a low level of geological confidence, the predominance of indicated resources within the production target provides a solid foundation for development. Cavalier continues to engage with stakeholders and regulatory bodies to ensure smooth project advancement.