CVV caravel minerals limited

A few snippets from last Friday's meeting. Not easy to handle...

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    A few snippets from last Friday's meeting. Not easy to handle virtual meeting but Steve Abbot (SA) and A Cooke (AC) fielded a few Qs. For those who didn't attend here are some things I recall, in no specific order.

    • Drilling at Opie was done, at least in part, to satisfy upcoming tenement requirements. Access is not possible during cropping there. Past assays and lengths were good - so a reasonable target.
    • There is a lot of water in parts of Bindi East that has meant RC samples could become unreliable. RC hole 21-2 which stopped just after mineralisation and above projected interesting Cu zones was mentioned as an example. The water could be a two edged sword causing issues with any pit de-watering (shouldn't be more than an engineering issue IMO) but also could be used for process water...Hyper-saline water?https://hotcopper.com.au/data/attachments/2887/2887762-78cfde7fddd9c4b53ed0cd0fd2250d17.jpg
    • Assays for 21-2 were prioritised and cost maybe 25% more than standard assays to get them put to the head of the queue. The hole was considered important enough to pay this premium to confirm. I believe it will be deepened in due course using a diamond rig. The assays confirm it may have been a wise choice but not one that will be repeated very often.
    • The focus of drilling at Bindi East has something to do with the area being more complex than Bindi West. AC said BW has been found to be predictable hence the focus on the east limb and, to a lesser extent, the hinge zone.
    • Drilling is, for the most part apparently, confirming the model and extending it to some 4-500m below surface. If the latter holds up, along with grades and lengths, then a significant resource increase will be on the cards - my words.
    • Diamond drilling has been slow with, apparently, quite a few drilling problems. At 2-500+m such problems often require 'tripping' all the rods out of the hole a process which is time consuming. AC mentioned that they will move onto a series of shallower diamond holes once the current deeper one is finished.
    • Budget and future CR. Obviously no specific details but CVV run on a much lower cash spend than some companies because their properties are accessible by vehicle from Perth in areas that can be reached year round. If Bindi develops then there is no need for FIFO and the attendant costs - many aspects of the Calingiri project could benefit from the proximity to Perth and existing infrastructure - emphasized in the presentation by S. Abbot.
    • Toolbrunup and Mt William were mentioned by AC in the presentation. No additional details other than a slight impression on my part that Toolbrunup was considered an 'exciting' target. Another tenement has apparently been granted for the Dalwallinu project - still a couple to go. Once work winds down at Calingiri the team will move onto work on the regional tenements.

    My impressions and recall - most should be OK but check with the company. DYOR
 
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