Caravel Minerals Limited report further drilling results for the Bindi copper deposit in Western Australia. The 2022 diamond drilling programme (23CADD005-011) is now complete. Two holes (22CADD005-006) were drilled 2-3km northwest of the Bindi deposit for soil geotechnical sampling.

The remaining holes (22CADD007-011) were drilled into the walls of the Bindi East and Bindi Hinge starter pits to collect geotechnical information for mine design and geological modelling. Some mineralised portions of these holes are unassayed as they will be used for whole core for metallurgical test samples. Hole 22CADD007 was drilled to the north in the Bindi Hinge starter pit area at an acute angle to the northwest plunging hinge.

The hole intersected long intervals of consistent mineralisation, including 44m @ 0.24% Cu from 92m, 128m @ 0.27% Cu from 142m, and 22m @ 0.55% Cu from 212m. The hole passed through the hanging wall fault into the mineralised zone at the expected position with structural measurements confirming the geological model for the West Limb. Hole 22CADD008 was drilled in the centre of Bindi East oriented towards the east.

The hole intersected broad intervals of mineralisation consistent with the resource model, including 42m grading 0.33% Cu from 32m and 34m grading 0.27% Cu from 150m. Hole 22CADD009 was drilled into the southern end of the Bindi East starter pit, oriented towards the east. The hole intersected 30m @ 0.25% Cu from 44m and 34m @ 0.27% Cu from 150m, similar to grades seen in surrounding holes.

Hole 22CADD010 was also drilled at the southern end of the Bindi East deposit, extending 100m past the planned depth to test the Lower Limb position. The hole intersected mineralisation and structural measurements are consistent with the Southeast Synform initially reported in ASX Announcements dated 29 April 2021 and dated 25 August 2021. Hole 22CADD011 was drilled at the most southern end of the Bindi East deposit.

The hole intersected strong mineralisation, including 42m @ 0.35% Cu from 28m in the keel of the Southeast Synform. Structural measurements are consistent with a fold hinge position. Holes 22CADD005 and 006 were drilled to obtain geotechnical data in an area nominated for mine infrastructure.

Both holes passed through shallow sediments, regolith and granitic gneiss and as expected, no significant assays were received from these holes. Three small water bores were also installed near the Bindi Deposit, adding to the network of observation bores previously established by Caravel. Data from the water bores is required to develop a groundwater model of the area.

Caravel has recommenced drilling activities, including Aircore sterilisation drilling under areas nominated for future infrastructure and to generate further geotechnical design data. Diamond core drilling will also commence at Bindi West to generate geotechnical data for pit wall designs. Mineralised drill core will be preserved as metallurgical test samples.