ASX ANNOUNCEMENT
17 June 2022
onlyuse
Cavalier Resources Raises $5m via IPO
Drilling to commence at the Crawford Gold Project
Corporate Highlights
Cavalier Resources commences trading following the completion of its $5m IPO, capitalising the Company at $8.6m;
Portfolio of three projects within proven gold and nickel regions in Western Australia, from a 101,000oz gold resource at the Crawford Gold Project in Leonora to untested walk-up targets at the Hidden Jewel Gold Project and the Ella's Rock Nickel-Gold Project;
All three project areas are located within proximity to several mills:
personal | The flagship Leonora Gold Project sits 25km east of St Barbara's (ASX: SBM) gold mill in |
the 120Moz Kalgoorlie/Norseman Belt; | |
Hidden Jewel (also located on the Kalgoorlie/Norseman Belt) is 20km north of Norton Gold | |
For | |
Fields' 5Mtpa processing plant; and | |
Ella's Rock is located in the 12Moz Southern Cross Belt just 20km from Western Areas' | |
(ASX: WSA) Cosmic Boy nickel plant. | |
Cavalier Resources Limited (ASX: CVR) ('Cavalier' or 'the Company') is pleased to announce the completion of its IPO on the ASX.
Daniel Tuffin, Executive Technical Director, commented:
"Cavalier is exceptionally pleased with its IPO capital raising, enabling the rapid exploration progression on our 100%-owned Western Australian Gold and Nickel-Gold projects.
The Company has budgeted for an extensive exploration program over the coming two years. It will conduct an internal review to advance mine readiness and expect to commence drilling at Crawford soon. Exploration of the Gambier Lass North gold and Ella's Rock nickel-gold projects will occur concurrently with Crawford's works.
cavalierresources.com.au | PAGE 1 OF 11 |
Historical drilling at Crawford has returned high-grade results inside thick mineralised zones of near surface oxide material. Any positive outcomes from future mining studies at Crawford may provide the potential for a onlyresultant mining operation, allowing Cavalier to self-fund exploration and development activities without the
need to dilute shareholders through any future capital raising activities.
Due to our planned extensive work schedule, we will have a continuous newsflow and results to share in the first 12 months."
Cavalier's Portfolio
The Company has assembled highly prospective gold and nickel-gold packages in Western Australia.
usepersonal For Figure 1: Cavalier's Project Locations
cavalierresources.com.au | PAGE 2 OF 11 |
onlyuseThe Leonora Gold Project
The Leonora Gold Project comprises two sub-projects, Crawford and Gambier Lass North, consisting of ten exploration licences, a prospecting licence, a miscellaneous licence and a mining lease. The Crawford Gold Deposit, which includes a 101,000oz JORC compliant Mineral Resource, is located on the granted mining
personalease. For
Figure 3:The Leonora Gold Project
cavalierresources.com.au | PAGE 3 OF 11 |
The Crawford Gold Project
Crawford is primarily an oxide hosted supergene style mineralised system which has been privately advanced onlytowards a mining operation. The Company intends an immediate internal review on the viability of progressing the project towards a scoping study Sections of the previous drilling were completed on 10m spaced sections with 140 RC holes for 13,528m drilled and focussed on infilling the oxide zone with little drilling extending into material deeper than 70m. Thick Zones of mineralisation close to the surface are open along strike and at
depth; historical drilling results include:
∙ | 11m | @ 2.17g/t from 16m; | ||
use | ∙ | 10m | @ 3.38g/t (inc. 2m @ 12.4g/t) from 17m; | |
∙ | 18m | @ 2.77g/t (inc. 3m @ 6.96g/t) from 27m; | ||
∙ | 19m | @ 1.64g/t (inc. 4m @ 3.23g/t) from 30m; | ||
∙ | 15m | @ 2.49g/t (inc. 3m @ 7.87g/t) from 35m; | ||
∙ | 6m | @ 5.55g/t (inc. 1m @ 21.1g/t) from 37m; | ||
∙ | 22m | @ 2.98g/t (inc. 6m @ 5.39g/t) from 38m; | ||
∙ | 7m | @ 5.39g/t, (inc. 2m @ 14.2g/t) from 49m; and | ||
∙ | 6m | @ 2.12g/t, (inc.1m @ 7.20g/t) from 55m. | ||
For personal |
Figure 4: Crawford Gold Project Drill Plan
cavalierresources.com.au | PAGE 4 OF 11 |
For personal use only
Figure 5: Crawford Cross Section 1
Figure 6: Crawford Cross Section 2
cavalierresources.com.au | PAGE 5 OF 11 |
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Cavalier Resources Ltd. published this content on 17 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 June 2022 00:22:07 UTC.