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carnavale resources ltd (CAV) Details

Carnavale Resources Limited operates as a mineral exploration company in Australia and Uganda. It focuses on tin, lithium, cobalt, silver, nickel, gold, copper, and precious metal deposits. The company holds an interest in the Grey Dam nickel cobalt project in Kalgoorlie, Western Australia. It also holds net production royalty interests in the Lambouka Oil and Gas Project. The company is based in Mount Hawthorn, Australia.

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carnavale resources ltd
Carnavale Resources Limited Announces High Grade Tin Confirms Large Scale Potential (Tier-1) At Kikagati Project, Uganda

Carnavale Resources Limited announced that priority assay results from recent diamond drilling confirms high grade tin mineralization associated with the large stock work of quartz veins at the Kikagati Tin Project, located in the Isingiro District of southern Uganda. Carnavale's drilling confirms mineralized quartz veins extend 3,000m along strike and approximately 900m down dip and the host sequence is 100m thick and remains open at depth and along strike. Overall project dimensions provide scope to define a large scale deposit (Tier 1). The mineralized quartz veins are hosted in a quartzite unit(s) up to 100m thick with quartz vein densities ranging from 14% to 22% by volume. The dimensions and mineralization potential are strongly supported by continuous and extensive artisanal workings along the entire 3,000m strike length to an estimated depth of 30m. Tin, in the form of the mineral cassiterite SnO2 continues to be hand mined from the deposit by artisanal miners. The large scale and high grade potential ranks favorably against all current producing tin mines around the world and warrants continued evaluation.

Carnavale Resources Limited Reports Consolidated Earnings Results for the Six Months Ended December 31, 2018

Carnavale Resources Limited reported consolidated earnings results for the six months ended December 31, 2018. For the six months, the company reported interest income of AUD 8,521 against AUD 9,082 a year ago. Revenue was AUD 8,521 against AUD 9,082 a year ago. Net loss for the period was AUD 316,435 or 0.05 cents per share against AUD 207,111 or 0.04 cents per share a year ago.

Carnavale Resources Updates on Kikagati Tin Project, Located in Isingiro District of Southern Uganda

Carnavale Resources advised geological logging of recently completed diamond core holes has identified multiple occurrences of fine grained to coarse grain cassiterite, a tin bearing mineral, at the Kikagati Tin Project, located in the Isingiro District of southern Uganda. Drilling continues at the Kikagati Tin Project, with 1,353.5m completed to date of the planned 2,000m programme. The more recent drill holes are designed to intersect the maximum number of stacked and mineralised quartz veins hosted within the quartzite host which is approximately 100m thick. The stacked "ladder style" quartz veins and associated intense muscovite and tourmaline alteration is evident along the entire prospect strike length of 3,000m and in drilling of over 900m down dip extent. Artisanal miners have exploited the cassiterite bearing veins outcropping at surface to a depth of approximately 40m and visible cassiterite is noted in the recent drilling associated with the same stacked ladder style quartz-muscovite-tourmaline veins at depth in the drilling. Multiple occurrences of visible fine grained to coarse grain cassiterite have been noted in both the internal portion of the quartz veins and associated with the intense muscovite-tourmaline alteration selvages. The nuggety nature of cassiterite mineralisation is expected based on mapping and historic reports reviewed and undertaken by the Company. Initial drill core samples for the first 6 holes have been submitted to the ALS laboratory in South Africa and results are expected in the coming weeks. The remaining drill core samples are currently being processed in preparation for dispatch to the laboratory. Drilling has now clearly demonstrated the project has Tier 1 scale with considerable potential to further grow in scale at depth and potentially along strike beneath surficial cover. Minimum scale of the known visible quartz veining style mineralisation and geological host unit is now defined as: 3,000m strike length x 900m down dip x 100m thickness. The recent drilling has successfully shown the outcropping style of stacked quartz veins occurs throughout the prospect strike length and extends continuously down dip with a vein density averaging up to 10% within the quartzite unit. Additional layer parallel mineralisation remains to be proven which would add to the mineralisation volume. Multiple occurrences of visible fine grained to coarse grain cassiterite have been noted in both the internal portion and margins of the quartz veins and associated with the intense muscovite-tourmaline alteration selvages. The 2,000m planned diamond drilling programme is designed to demonstrate the mineralised extents of the Kikagati deposit and provide an indication of the grade potential of the deposit. Clearly the early drilling has confirmed the Tier 1 scale dimensions of the geological host quartzite unit. The grade of the individual veins and the potential of the parallel shear alteration remains to be confirmed. To date 8 diamond holes have been completed for a total of 1,353.5m and listed in Table 1. Diamond hole, KKDD009, is currently in progress. Upon completion of drilling and geological logging, samples from the last 3 diamond holes will be dispatched to the laboratory.


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