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Carnavale Resources Limited

Carnavale Resources Limited is an Australian exploration company based in Subiaco, Western Australia with a focus on exploration of gold and precious metals.

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Carnavale is commencing drilling on shear hosted poly-metallic targets at their Red Hills Project, where they are earning up to 75% through an earn-in agreement. The Project is located in Nevada, a well-known and relatively mining friendly jurisdiction.

Sampling and mapping by Carnavale over historic workings has confirmed the high grade nature of the mineralisation, and a mid-point exploration target (100% basis) of 12Mt has been estimated over the two targets. Our calculations indicate a zinc equivalent grade of around 22% based on the recent sampling. Estimates of mineralisation thickness range between 4 and 20m.

Red Hills is also prospective for Carlin-style mineralisation – soil sampling at Viper has returned a Carlin-style geochemical signature, and is situated in a similar structural and lithological setting as that for both the Kinsey and multimillion ounce Long Canyon deposits located to the north.

We rate Carnavale as a SPECULATIVE BUY, with short term price movers being positive results from the imminent drilling.

Carnavale Resources Limited (ASX: CAV) is an Australian based junior explorer concentrating activities on the Red Hills Project in eastern Nevada. Red Hills saw small scale mining of the high grade shear hosted poly-metallic mineralisation in the early 1900’s. Since acquiring the project in 2013 the Company has made steady progress and has now defined a number of drill targets which will be tested in upcoming weeks. The Project also has Carlinstyle potential, which the Company is currently assessing.

The second project, Little Butte, for which Carnavale is earning 100%, is located in western Arizona. Work by the Company and previous explorers has defined a low grade copper-gold supergene blanket, with further work now required to determine the primary source of this mineralisation.

At the Red Hills Project (“Red Hills” or “the Project”), Carnavale Resources (ASX: CAV, “Carnavale” or “the Company”), is about to commence drilling on two shear-hosted poly-metallic targets that in our view have a good chance of returning impressive grades, and of hosting a significant resource...

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Markets: Copper, Gas, Gold, Oil, Silver