Caravel (ASX:CVV) share price edges lower on infill drilling results

The company’s shares are losing ground…
The post Caravel (ASX:CVV) share price edges lower on infill drilling results appeared first on The Motley Fool Australia. –

The Caravel Mineral Ltd (ASX: CVV) share price is heading south on Thursday’s market session. This comes after the Australian miner released its infill drilling results at the Bindi Copper Deposit.

At the time of writing, the Caravel shares are down 3.33% to 43.5 cents apiece.

What were the drilling results?

According to its release, Caravel announced that assay results for 22 recently completed reverse circulation (RC) percussion holes were received. The infill drilling campaign at Bindi intersected wide zones of high-grade copper mineralisation. This included the following:

34 meters to 42 meters at 1.75% copper (21CARC059)
40 meters to 54 meters at 0.77% copper (21CARC067)
40 meters to 60 meters at 0.59% copper (21CARC068)
140 meters to 168 meters at 0.56% copper (21CARC072)
104 meters to 138 meters at 0.96% copper (21CARC074)

Caravel stated that the results show a good correlation with field observations of mineralisation in drill chips. This helps define higher grade zones within the Bindi East Limb indicating a copper-molybdenum (Cu-Mo) rich zone.

Assay results are pending for another 47 RC percussion holes and are expected to arrive sometime in mid-September.

The company noted that a diamond core rig remains on site to improve geological confidence in the area. The rig will drill a series of 4 deep holes below the East Limb before moving onto the southern end to drill another hole.

Diamond drilling is a more efficient way for precise sampling and analysis, whereas RC drilling is used for extracting bulk samples. When it comes to speed, RC drilling is the faster method, however, diamond drilling is employed when seeking accurate results.

Caravel share price summary

It’s been a positive 12 months for Caravel investors, with the company’s shares accelerating almost 600%. When looking at the year to date, the Caravel share price has surged around 120%.

Based on today’s price, Caravel presides a market capitalisation of roughly $164.6 million, with approximately 378 million shares on hand.

The post Caravel (ASX:CVV) share price edges lower on infill drilling results appeared first on The Motley Fool Australia.

Should you invest $1,000 in Caravel right now?

Before you consider Caravel, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Caravel wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Refundid rides the Afterpay (ASX:APT) wave with $3m funding round
Fortescue (ASX:FMG) share price under pressure as iron ore slides to 7-month low
Why BHP, NIB, Northern Star, & Redbubble shares are tumbling lower

Jervois Global (ASX:JRV) share price up 5% on Freeport Cobalt acquisition
2 leading e-commerce ASX shares that could be buys in September 2021

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!