Carnavale Resources moves to 80% ownership at Kookynie Gold Project

Carnavale Resources Limited has exercised its option to acquire 80% of the WA-based Kooykynie Gold Project from Western Resources Pty Ltd. The explorer secured the option back in August 2020, adding the first gold project to its nickel sulphide exploration portfolio. Last year, Carnavale paid $100,000 and 37.5 million shares to secure the Kookynie option — now, it will pay a futher $250,000 and 50 million shares to acquire 80% of three tenements from Western Resources, which will free carry to a bankable feasibility study. Looking ahead, the ASX-lister intends to conduct more reverse circulation drill testing at depth and along strike from shallow high-grade gold mineralisation encountered during aircore drilling. Fast-tracking Kookynie’s development Speaking to the acquisition, Carnavale Resources chairman Ron Gajewski said: “The company has developed the Kookynie Gold Project from an exploration concept to a highly prospective package with new high-grade gold zones in nine months. “Having acquired 80% of the Western Resources tenements we are ready to drill deeper with reverse circulation to unlock the high-grade gold potential at depth.” Location of Carnavale's exploration assets. Upcoming exploration Over the next two months, Carnavale intends to continue its extensive exploration campaign, following up on more than 7,000 metres of aircore exploration completed in the June quarter.  The gold and nickel sulphide explorer will also interpret multi-element geochemistry and drainage anomalies across Kookynie and identify new exploration targets within the wider tenement package. Some of the best intersections Carnavale’s third aircore program included: 4 metres at 31.08 g/t gold from 96 metres and ending in mineralisation; 2 metres at 32.5 g/t from 18 metres; and 2 metres at 16.3 g/t from 10 metres. Commenting on these results at the time, Gajewski continued: “We are delighted to have successfully outlined new high-grade gold zones with bonanza grades under shallow cover at Kookynie. “We are eager to grow these zones with RC drilling as soon as we can mobilise an RC rig to site.” Kookynie Gold Project When Carnavale first acquired the Kookynie option, just two reverse circulation holes and limited rotary air blast and aircore drilling had been completed over the property. The company’s 80% ownership now spans three tenements across roughly 21 square kilometres and sits just 60 kilometres south of Lenora. The Kookynie Project is located in the central portions of the historic Kookynie Gold Mining Camp, which has produced over 650,000 gold ounces since the 1890s from high-grade gold lodes. Carnavale’s overarching strategy is to explore and define sufficient high-grade gold resources that can be mined and transported to one of the five nearby processing plants.