Caravel Minerals : Drilling Results - Bindi Copper Deposit

For personal use only

ASX:CVV

18 January 2022

DRILLING RESULTS - BINDI COPPER DEPOSIT

Highlights

• Assay results received for 2 diamond core holes (21CADD016 and 17) completed as part of deep extension drilling at Bindi
• Significant intersections:

• 1. 21CADD016
  2. • 192-208m16m @ 0.38% Cu

  o 21CADD017

  • 202-276m74m @ 0.24% Cu
  • 396-514m118m @ 0.28% Cu
  • Incl 398-444m 46m @ 0.36% Cu
• 21CADD016 results confirm the hanging wall fault is shallower than previously interpreted at the northern end of the Bindi West Limb providing a larger window of mineralised granite gneiss beneath it
• The 21CADD017 results confirm the continuity of mineralisation along strike at depth within the Bindi East Limb and the Bindi Hinge zone

Drilling Results

Assay results are being reported for 2 diamond core drill holes (21CADD016 and 17) completed in the Bindi East and Bindi West areas of the Bindi Deposit at the Caravel Copper Project in Western Australia (Appendix 1).

Mineralised intersections (at 0.15% Cu and 0.3% Cu cut-off grades) from the drill holes are detailed in Appendix 2 and illustrated on schematic cross sections (Figures 2-3).

Hole 21CADD017 intersected significant mineralisation at depth in the Bindi East Limb demonstrating good continuity of mineralisation between previously reported drilling intersections (20CADD001 reported 10 February 2021 and 20CADD002 reported 2 March 2021) up to 400m below surface. In addition, the hole intersected good widths of Bindi West Limb mineralisation below the hanging wall fault. The hole intersected higher grades of mineralisation in the upper parts of the synform hinge (see Caravel Minerals announcements dated 6 March 2021 and 25 August 2021). Given the depth of the hole at this point it was not warranted to extend it further to fully test the synform position.

Hole 21CADD016 intersected intermingled granite, granite gneiss and mafic gneiss of the hanging wall units above the hanging wall fault (171-181m). Minor mineralisation seen above the hanging wall fault is associated with fracturing consisting of mixed chalcopyrite and native copper it likely represents mineralisation remobilised into the younger structures. The hole intersected nearly 40m

1

For personal use only

of Bindi West Limb mineralisation before passing into a large dolerite dyke, the hole was stopped in the dyke rather than continuing on an unknown distance to find the other side. Large dolerite dykes are rarely intersected in drilling at Bindi, the dolerite intersected in 21CADD016 is interpreted to correlate with a NNW trending feature seen in airborne magnetic imagery of the area.

Assay results are still to be received for diamond core holes 19CADT004 drilled at Bindi and holes 21CADD018 and 21CADD019 drilled at Dasher. Turnaround times for assay results experienced by industry have increased significantly through 2021 due to high volumes of samples.

Figure 1: Drilling status plan of the Bindi copper deposit showing the locations of the reported RC percussion drill holes, drill holes from the 2020/21 program, previous drill collar locations and the 2019 scoping study pit.

2

r personal use only

3

r personal use only

4

For personal use only

Further Work

Assays are awaited for diamond tail (19CADT004) into the down plunge extension of the Bindi South-East Synform (see Figure 9 below). The RC hole being extended, 19CARC004, finished in mineralisation at 318m having intersected 202m @ 0.31% Cu from 116m. The diamond tail intersected zones of chalcopyrite mineralisation between 330-530m consistent with a continuation of mineralisation in the East Limb and the newly identified Lower Limb.

Figure 4: Schematic geological cross section of the Bindi Deposit (6,573,700mN) showing location of recent RC percussion (CARC prefix) diamond core (CADD prefix) and diamond tail (CADT prefix) drill holes and mineralised intersections.

The diamond core rig has moved to Dasher completing holes 21CADD018 and 21CADD019, it is currently drilling hole 21CADD020.

Figure 5: Footwall chalcopyrite and pyrite mineralisation in hole 21CADD018 (241-242m), half cut core.

5