Carnavale Resources raises $2.2M for expanded drilling program

Carnavale Resources Ltd (ASX:CAV) CEO Humphrey Hale joins Proactive’s Tylah Tully to discuss its $2.2 million funding to support an expanded drilling program at the Kookynie Gold Project in Western Australia. The funds will facilitate diamond and reverse circulation (RC) drilling to increase the resource base at the project, particularly at the Swiftsure Deposit. The placement saw the issuance of 666.7 million shares at A$0.0033 per share, with strong investor interest enabling Carnavale to surpass its initial A$2 million target. Recent metallurgical test results from Swiftsure have shown high gold recovery rates, ranging from 98.9% to 99.5%, with gravity gold recovery averaging 87.1%. Carbon-in-leach (CIL) tests achieved a 99.7% recovery rate. These findings suggest the project has strong economic potential. The company’s scoping study for Swiftsure outlined a pre-tax net present value (NPV) of A$91 million and an internal rate of return (IRR) of 192%, based on a gold price of A$3,500 per ounce. Carnavale plans to extend exploration, drilling deeper at Swiftsure and targeting additional shallow prospects such as Tiptoe and Valiant, with the goal of expanding high-grade gold resources. #ProactiveInvestors #ASX #CarnavaleResources #KookynieGoldProject #GoldExploration #WesternAustraliaGold #MiningInvestment #ASX #GoldDrilling #SwiftsureDeposit #GoldRecovery #MetallurgicalResults #GoldMining #MineralResources #ExplorationFunding #EconomicViability #GoldTargets #GoldProspecting #ResourceExpansion #MiningNews #GoldProjectDevelopment #HighGradeGold #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews