Carnavale Resources Ltd announces new high-grade gold discovery at Kookynie

Carnavale Resources Ltd (ASX: $CAV) has announced a significant new shallow high-grade gold discovery at the Kookynie Gold Project in Western Australia. The recent reverse circulation (RC) drilling campaign, comprising 14 holes for 1,694m, revealed new high-grade gold mineralisation at the Tiptoe and Champion South prospects, adding potential to increase resources. The company is currently undertaking a maiden Mineral Resource Estimate (MRE) and mining study evaluation for the McTavish East Prospect, with additional metallurgical testwork underway to simulate processing plant recoveries for McTavish East. A 4,249m exploration aircore drilling program has also been completed, with assays due in Q2 2024.

Executive commentary on the new gold discovery

We are excited about our ongoing exploration at Kookynie. Work is underway to establish a maiden resource and mining option study at the McTavish East Prospect. We anticipate the development will comprise of both open cut and underground mining and utilise an existing third party processing plant. These new shallow high-grade gold results in fresh rock represent new target and provide exciting new resource targets along strike from the bonanza style mineralisation at McTavish East. Exploration continues with the recently completed aircore program targeting additional high grade structural gold targets at Kookynie.

Summary of the new gold discovery and outlook

Carnavale Resources Ltd's new shallow high-grade gold discovery at the Kookynie Gold Project has the potential to significantly increase resources. The company is currently focused on establishing a maiden Mineral Resource Estimate (MRE) and mining option study at the McTavish East Prospect, with additional metallurgical testwork underway to simulate processing plant recoveries for McTavish East. The completion of the 4,249m exploration aircore drilling program and the upcoming assays due in Q2 2024 will provide further insights into the project's potential. Carnavale's goal is to discover high-grade, truckable resources, of a similar size to the historic Cosmopolitan Mine that can be processed at an existing third-party nearby processing plant. The company's ongoing exploration efforts and the discovery of new high-grade gold mineralisation demonstrate its commitment to unlocking the full potential of the Kookynie Gold Project.