Caravel Minerals : Drilling Results - Dasher Copper Deposit

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31 March 2022

DRILLING RESULTS - DASHER COPPER DEPOSIT

Significant Strike Southern Extension to Dasher Deposit

Highlights

• • Assay results received for holes 21CADD018-019 testing the Dasher main and footwall positions show the mineralised zone is associated with pronounced parasitic folding. narrow high grade Cu was intersected in the footwall.

• • Assay results received for holes 21CARC128-132 drilled at Dasher South confirm significant mineralisation extends at least 500m south of previous drilling.

• • Significant intersections:

  • o 21CADD018

    

    8-78m

    70m @ 0.42% Cu

    •  Incl

      • 10-48m 38m @ 0.52% Cu

    •  And

    • 60-76m 16m @ 0.35% Cu

      

    • 240-244m 4m @ 0.98% Cu

  • o 21CADD019

    

    • 252-302m 50m @ 0.48% Cu

  • o 21CARC129a

    

    • 98-112m 14m @ 0.19% Cu

  • o 21CARC132

  

  • 138-156m 18m @ 0.27% Cu

• • Results highlight the potential for parasitic folding to host better grades and tonnages within the N-S trending Dasher mineralised system similar to that seen at the Bindi Deposit.

• • Results highlight the continuity of mineralisation along the Dasher mineralised trend which potentially extends through the Kuralli prospect to the Opie Deposit.

Drilling Results

Assay results have been received for diamond core drilling (21CADD018-019) in the Dasher Deposit and RC percussion drilling (21CARC128-132) 2.3km south of the Dasher Deposit, at the Caravel Copper Project in Western Australia (Appendix 1).

Structural measurements from the diamond core show strongly developed parasitic folding defined within the Dasher mineralised system. The parasitic fold hinge zone plunges to the north northeast which is consistent with smaller scale folding seen elsewhere at Dasher. The parasitic folding is moresubstantial than previously identified at Dasher and the fold zone hosts wider intervals of higher grade mineralisation which is a feature of the fold hinge zones seen at Bindi.

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RC percussion drilling (22CARC128-132) was undertaken to target a potential southern strike extension to the Dasher mineralised system. Previous drilling north of the latest work, shows the Dasher mineralised system to be striking toward this area which hosts scattered small but strong IP chargeability features. Surface geochemistry is very subdued in the area however this is likely due to the increasing thickness of transported material over the usual weathered bedrock profile. The new drilling confirms the presence of significant mineralisation through the area, the mineralised zone is interpreted to dip to the east which is consistent with the main Dasher Deposit. A smaller secondary mineralised zone was also identified west of the extension to the Dasher mineralisation.

The RC percussion drilling results demonstrate the continuity of the Dasher mineralised system which has now been drill defined for 3,200m along strike. There is increasing evidence to support the interpretation that the mineralised system is continuous between Dasher and Opie. The correlation of parasitic folding with wider intersections of strong mineralisation at Dasher is consistent with observations elsewhere in the project area most notably at Bindi. Further work will be required to target parasitic fold zones along the strike length of the mineralised trend to Opie.

Assays are awaited for one further diamond core hole (21CADD020) completed into the Dasher Deposit. The new drilling data will be included in an updated geological model for the Dasher Deposit and subsequently a new mineral resource.

Collar locations for all holes are detailed in Appendix 1 and illustrated in Figure 1.

The downhole extent of mineralisation is illustrated on schematic cross sections in Figure 2-5. Mineralised intersections for the diamond core drill holes are detailed in Appendix 2.

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Figure 1: Drilling status plan of the Dasher copper deposit showing the locations of the reported diamond core and RC percussion drill holes, drill holes from the 2021/22 program, previous drill collar locations and the 2019 scoping study pit.

Figure 2: Footwall chalcopyrite and pyrite mineralisation in hole 21CADD018 (241-243m) whole core.

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Figure 3: Schematic geological cross section of the Dasher Deposit (6,567,000mN) showing location of recent diamond core (CADD prefix) drill hole and mineralised intersections, previous RC percussion (CARC prefix) drill holes also shown.

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Figure 4: Schematic geological cross section of the Dasher Deposit (6,567,250mN) showing location of recent diamond core (CADD prefix) drill hole and mineralised intersections, previous RC percussion (CARC prefix) drill holes also shown.