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    CWX   AU000000CWX5

CARAWINE RESOURCES LIMITED

(CWX)
Delayed Australian Stock Exchange  -  08:23:28 2023-02-01 pm EST
0.1100 AUD   -8.33%
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Carawine Resources Limited Announces New Significant Intersections At Big Freeze and Beanie

04/18/2022 | 06:22pm EST

Carawine Resources Limited announced the latest round of assay results from follow-up RC drilling programs at the Big Freeze and Beanie prospects, adding to the strike length of previously identified mineralisation. Assay results reported are from the remaining four RC drill holes of an 18-hole program at Big Freeze, plus two additional RC holes at Beanie. Drilling at both prospects was designed to test for high grade gold mineralisation within and around previously identified gold anomalies in wide-spaced drilling along and to the east of the Hercules Shear Zone.

Big Freeze Results: Carawine's first RC drilling program at Big Freeze, completed in August 2021, was designed as an initial test of anomalous drill hole gold intervals identified from regional air core drilling by Carawine and historic data. This program was successful in defining a 900m-long, continuous zone of gold mineralisation above 1g/t Au in wide-spaced drilling, within a wider +0.3g/t Au drill hole anomaly and a much larger +10ppb Au anomaly extending along the Hercules Shear Zone. The size and grade of the gold anomaly at Big Freeze is considered highly significant in both a local and regional context, warranting further follow-up drilling.

Assay results reported are from four RC drill holes (TNRC056, TNRC057, TNRC059 and TNRC060) of the 18-hole drilling program completed at Big Freeze in late February 2022 to follow-up the results reported in November and December 2021. Significant intervals (>0.3g/t Au) reported from Big Freeze include: 5m @ 0.59g/t Au from 54m, including 1m @ 2.03g/t Au from 55m (TNRC056). 1m @ 0.35g/t Au from 82m (TNRC059).

1m @ 0.35g/t Au from 83m (TNRC060), and 2m @ 2.39g/t Au from 138m, including 1m @ 4.26g/t Au from 138m (TNRC060), and 1m @ 0.68g/t Au from 144m (TNRC060), and 4m @ 1.83g/t Au from 159m (TNRC060). Beanie Results: Carawine's first RC drilling program at Beanie, completed in August 2021 and comprising just two drill holes (TNRC037 and TNRC038), was designed to test either side of a historic intercept of 3m @ 1.48g/t Au from 90m in drill hole NLC153. The best results from this first program are from TNRC037, returning an interval of 1m @ 2.42g/t Au from 172m, associated with sulphidic quartz veining within felsic granulite, about 50m beneath the historic intercept in NLC153.

Mineralisation intersected in this first program is similar in vein style and composition to the Hercules prospect mineralisation, located just 1.5km to the southwest. Assay results reported are from two new RC holes completed at Beanie in late February 2022. The two holes, TNRC063 and TNRC064, were drilled 40m to the northeast and 40 to the southwest of TNRC037 and were designed as an initial test for strike extension of the mineralisation in TNRC037 and NLC153.

Significant intervals (>0.3g/t Au) reported from Beanie are as follows: 1m @ 0.38g/t Au from 69m (TNRC063), and 1m @ 0.59g/t Au from 175m (TNRC063). 1m @ 3.01g/t Au from 87m (TNRC064), and 1m @ 2.32g/t Au from 144m (TNRC064). The significant intervals in TNRC064 are associated with sulphidic quartz veining in foliated chlorite altered zones within felsic granulite, consistent with previously intersected mineralisation.

It appears from the very limited drilling to date that the Beanie mineralisation does extend along a northerly trend between TNRC037, NLC153 and TNRC064. Additional drilling will be planned to further explore this trend, at a lower priority to Big Freeze.


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Financials
Sales 2022 0,00 M 0,00 M 0,00 M
Net income 2022 -1,66 M -1,16 M -1,16 M
Net cash 2022 3,01 M 2,10 M 2,10 M
P/E ratio 2022 -6,17x
Yield 2022 -
Capitalization 21,6 M 15,1 M 15,1 M
EV / Sales 2021 1 174x
EV / Sales 2022 4 243x
Nbr of Employees -
Free-Float 31,0%
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Hayden Leary Non-Executive Chairman
David L. Archer Non-Executive Director
Martin Lackner Secretary & Non-Executive Director
Michael Cawood Exploration Manager
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