Carnavale Resources (ASX: CAV) has secured the right to acquire up to 80% of the tenement portfolio held by Mithril Resources Limited adjacent to the Grey Dam Nickel project near Kalgoorlie in WA.
Ron Gajewski, Carnavale’s Chairman, said the expanded Grey Dam project now covers 108 sq. km of prospective and contiguous tenure and 30km prospective for Nickel Sulphide (NiS) style mineralisation like the Black Swan and Silver Swan Ni Mines, located 50km to the west.
He said Carnavale’s immediate priority is to integrate all previous exploration data and focus on targeting NiS style mineralisation across the portfolio.
Exploration activities over the next 12 months are planned to include soil sampling, EM surveys and drill testing of priority targets along the two highly prospective sequences where existing EM targets and NiS style mineralisation have been demonstrated at both the prospect and regional scale.
The Grey Dam project now comprises:
- 108km2 of prospective and contiguous tenure.
- 30km of prospective bedrock ultramafic/mafic sequences.
- Two EM targets requiring follow-up surveys and subsequent drill testing.
- 7km of anomalous Ni-Co-Cu targets defined by previous exploration.
- Existing shallow laterite Ni-Co resource (14.6Mt @ 0.75% Ni and 0.049% Co for 110,000t Ni metal and 7,200t Co metal JORC 2012) with capacity to extend resources.