Carawine's five exploration projects are in active and well-established mineral provinces in Western Australia and Victoria, each targeted for their potential high-value deposit styles and commodity groups.
TROPICANA NORTH PROJECT
The Tropicana North Gold Project is located in the Tropicana and Yamarna regions of Western Australia’s north-eastern goldfields, covering approximately 80km strike of the Tropicana Belt and containing strike extensions of the same or similar rock units and structures to those hosting the large Tropicana gold mine (operated by AngloGold Ashanti Australia Ltd (“AGA”) in joint venture with Regis Resources Ltd (“Regis”)). The project comprises Carawine 100%-owned tenements, and two tenements subject to the Thunderstruck JV (Carawine 90%), with Carawine the second-largest tenement holder in the region behind AGA.
Since generating the project in late-2020, the Company has identified and advanced a number of exciting gold targets. The most advanced of these is at the Hercules deposit, where the Company has estimated a Mineral Resource of 463,000t @ 4.8g/t Au (Indicated and Inferred), containing 71,000oz Au, at various cut-off grades (refer to the Company's ASX announcement dated 19 October 2022 for details).
FRASER RANGE PROJECT
The Fraser Range Nickel Project several granted exploration licences, one subject to the "Fraser Range Joint Venture" (Carawine 24%), and exploration licence applications located in the Fraser Range region of Western Australia.
The project is considered highly prospective for magmatic nickel-sulphide deposits such as IGO's Nova nickel-copper-cobalt operation, and the Company is primarily targeting this style of mineralisation throughout its tenement package.
The Company’s Paterson Project is located in the Paterson Province of Western Australia, host to several large copper and copper-gold deposits and recent discoveries. The project tenements are interpreted to contain host formations and structures common to the major copper, gold and copper-gold mineral deposits in the area. The Company is primarily targeting copper and copper-gold deposits in the Paterson region.
Carawine has a farm-in and joint venture agreement with Rio Tinto Exploration Pty Ltd (“RTX”), a wholly owned subsidiary of Rio Tinto Limited (ASX:RIO), whereby RTX have the right to earn up to 80% interest in the "Baton" and "Red Dog" tenements by spending $5.5 million in six years from November 2019 to earn 70% interest and then sole funding to a prescribed milestone (the “West Paterson JV”).
Carawine also has a farm-in and joint venture agreement with FMG Resources Pty Ltd, a wholly owned subsidiary of Fortescue Metals Group Ltd (“Fortescue”) (ASX:FMG), whereby Fortescue have the right to earn up to 75% interest in the Lamil Hills, Trotman South, Sunday and Eider tenements by spending $6.1 million in seven years from November 2019 (the “Coolbro JV”). Fortescue has satisfied the conditions required to earn a 51% beneficial interest in the Coolbro JV tenements (“Stage 1 Earn-In”), and has elected to earn an additional 24% interest in the tenements by sole-funding $4.5 million (in addition to the $1.6 million incurred to satisfy the Stage 1 Earn-In) of exploration expenditure on the Coolbro JV tenements by the end of 2026, during which Carawine will be free carried.
The Company retains full rights on its remaining Paterson tenements.
Neighbouring the Paterson Project in the Eastern Pilbara region of Western Australia, the Oakover Project comprises several tenements held 100% by the Group, and other tenements subject to the “Carawine JV” in joint venture with Black Canyon Ltd.
The “Carawine JV” is a joint venture between the Company and Black Canyon Ltd (“Black Canyon”; ASX: BCA). The respective interests of each party to the joint venture are Black Canyon 75% and Carawine 25%, with both parties maintaining their interests and contributing to joint venture expenditure. Black Canyon is acting as the manager of the JV.
The Jamieson Project is located near the township of Jamieson in the northeastern Victorian Goldfields and comprises granted exploration licences EL5523 and EL6622. The tenements contain the Hill 800 gold-copper and Rhyolite Creek copper-gold and zinc-gold-silver prospects within Cambrian-aged felsic to intermediate volcanics of the Lachlan Fold Belt. Carawine is advancing two main prospect areas at the Jamieson Project: Hill 800 and Rhyolite Creek, and regionally searching for porphyry-related gold-copper mineralisation.
Please note: these pages include information that relates to Exploration Results prepared and first disclosed under the JORC Code (2012). The information was extracted from the Company’s previous ASX Announcements which can be viewed in the Investor Information & News section of this website by clicking here.