Share Watch –  Carawine Resources (ASX:CWX) 

The Hercules prospect is within the wider Tropicana North project in Western Australia’s north-eastern Goldfield’s region where drilling will continue throughout Q1, 2022.

Gold and base metals explorer Carawine Resources has a knack for hitting high-grade gold –yesterday the final four reverse circulation (RC) holes confirmed the extent of the +1gram per tonne gold zone over the 900m combined strike at Big Freeze and it seems to be continuing, this time at Hercules.

The latest assays from diamond drilling at Hercules include 6m at 3.01g/t gold from 251m, including 5m at 3.46 g/t gold from 252m and 1.05m at 10.7 g/t gold from 252.85m where the company is expanding the high-grade zone and strike of mineralisation at about 250m below surface.

These intervals extend mineralisation down-plunge to the northeast, including the +10gram-metre high-grade zone to around 250m depth.

Carawine says drilling aims to define the geology, structure, and grade characteristics of gold mineralisation while extending it along strike and at depth.

Goal firmly on establishing grade distribution characteristics

Commenting on the latest outcomes, CWX managing director David Boyd says the goal now is to test the extent of mineralisation and establish the grade distribution characteristics of the deposit.

“With our recently completed capital raising we are well-placed to achieve this in the New Year, in parallel with an extensive regional exploration program targeting additional large deposits in this highly prospective belt.”

2022 drilling focus

An additional 15 holes are planned to be drilled, including extensions to existing holes TNDD007 & TNDD012, for about 4,200m until late March 2022.

Drilling will recommence when the drill crew return in early January 2022, with TNDD014 planned as the next hole

Results are pending for completed drill holes TNDD010, TNDD011 and TNDD013, which have all intersected potentially mineralised laminated quartz-sulphide veins.

Regional exploration

Carawine is planning for follow-up drilling at the Big Freeze and Beanie prospects on the Neale tenement, with drilling expected to kick off in late January/ early February 2022.

Planning is also in progress for a large air core drilling program, designed to test several historic gold anomalies, and recently identified structural/magnetic target zones within the Neale tenement and other tenements within the Tropicana North Project.

Background

Hercules is an advanced gold prospect held by Carawine’s Thunderstruck Joint Venture where Carawine holds a 90% interest.

Gold mineralisation at Hercules is hosted by multiple parallel veins and shears within a wide, steeply dipping mineralised zone striking northeast.

To date, significant mineralisation has been reported along a 340m strike length, extending from 35m to 250m below surface and remains open.

Financial indicators

The VIX fear gauge on 16.60 and in the safe zone.

The Dow Jones Industrial Average up 236.64 points or 0.65% since 24 December to 36,585.06, the STOXX 600 up 3.65 points or 0.78% to 489.99 and the Shanghai Composite index down 63.33 points or 1.71% to 3,639.78.

Gold up to 1,801.30. US 10-year Treasury Bonds up to 1.632 and oil up to 75.99. Cryptos Bitcoin up by 1,222 points or 2.71% to 46,297.

ASX 200 up 38.00 points or 0.51% since 24 December to 7,444.60. The Aussie dollar down to 71.88 US cents.

Carbon Market Spot Prices

LGC $43.25                                                                 STC $39.10

ESC $36.00                                                                 VEEC $78.109

ACCU $51.00                                                              EU ETS €80.36

NZU $NZ69.07                                                            UK ETS GBP75.20

Sources: RenewEconomy, demandmanager,  Reuters, SMH, Market Watch, Ieta, Stockhead