Carnavale Uncovers New High-Grade Tiptoe Lode, Extends Swiftsure Gold Mineralisation

Strong Drilling Results Bolster Kookynie Gold Project

Carnavale Resources Limited (ASX: CAV) has delivered a robust December 2024 quarterly report highlighting substantial progress at its flagship Kookynie Gold Project in Western Australia. The company completed a comprehensive reverse circulation (RC) and diamond drilling program, successfully extending the known high-grade gold mineralisation at the Swiftsure deposit and unveiling a new lode, Tiptoe, immediately northeast along strike.

The extensional drilling has pushed the Swiftsure lode 150 metres deeper to approximately 350 metres vertical depth and expanded its strike length to the southwest. Meanwhile, the newly discovered Tiptoe lode has been defined over a 200-metre strike length and 120 metres depth, with mineralisation remaining open in multiple directions. Together with Swiftsure South, these three lodes now span a combined strike length of 1,500 metres, underscoring the project's significant resource growth potential.

High-Grade Intercepts Signal Economic Potential

Drilling results reveal impressive high-grade gold intercepts beneath the previously defined resource envelope. Notable assays include 2 metres at 37.1 g/t gold from 323 metres and 10 metres at 5.5 g/t gold from 73 metres at Tiptoe. These bonanza-grade zones, associated with quartz veins and sulphide mineralisation, suggest a large mineralising system with strong continuity at depth and along strike.

CEO Humphrey Hale emphasized the project's promising economics in the current gold price environment, stating that Swiftsure's depth extensions and Tiptoe's discovery provide a compelling near-term mining opportunity. The company plans to intensify drilling on a tighter 20x20 metre grid to delineate additional high-grade shoots and increase resource confidence.

Strategic Focus and Future Exploration

In line with its strategic focus on gold, Carnavale has divested its non-core Leonora tenement for $405,000, reallocating resources to advance Kookynie and the Ora Banda South Gold Project. Upcoming work includes further drilling to extend Tiptoe and Valiant prospects, a gravity survey to locate granite intrusions potentially linked to mineralisation, and ongoing metallurgical studies to optimise processing.

The company’s exploration model highlights the importance of a major northeast-southwest mineralising structure, with variable dips and potential parallel lodes creating favourable conditions for high-grade gold shoots. The proximity of granite intrusions and associated tungsten and bismuth mineralisation hints at a magmatic origin, offering exciting targets at depth.

Financial Position and Outlook

Carnavale ended the quarter with $2.07 million in cash and continues to manage exploration expenditure prudently. With a clear pathway to resource expansion and mining studies underway, the company is well-positioned to unlock value from Kookynie’s growing high-grade gold system.

As Carnavale advances its drilling and development programs, the market will be watching closely for updated resource estimates and feasibility outcomes that could underpin a profitable mining operation in a buoyant gold market.