en.Wedoany.com Reported - Caravel Minerals has updated the ore reserves for its flagship West Australian copper project, confirming a 48% increase in proven ore reserve tonnage, while the total contained copper remains largely unchanged.

An update from Caravel Minerals (ASX:CVV) shows that the total ore reserves for the Caravel Copper Project have increased from 583.4 million tonnes to 597 million tonnes. Among these, proven ore reserve tonnage rose by 48% from 105.4 million tonnes to 156 million tonnes, marking the most prominent change in this update.

This update reflects the results of additional measured mineral resources since the November 2023 update and subsequent detailed mining work. Managing Director Don Hyma stated that the updated reserves reflect increased confidence following the 2023 resource update and the detailed mining studies completed for the feasibility study, adding that further drilling could expand the measured and indicated resource base over time.

Located in the Wheatbelt region of Western Australia, the project has mineral resources of 1.28 billion tonnes at 0.24% copper, containing 3.03 million tonnes of copper at a 0.10% cut-off grade (announced in November 2023). The updated ore reserves stand at 597 million tonnes at 0.24% copper, containing 1.42 million tonnes of copper, including: 156 million tonnes at 0.25% copper, containing 392,000 tonnes of copper (proven ore reserves); and 441 million tonnes at 0.23% copper, containing 1.026 million tonnes of copper (probable ore reserves).

The ore reserves are reported within the Caravel Copper Project's mineral resources of 1.28 billion tonnes at 0.24% copper, containing 3.03 million tonnes of copper (at a 0.10% copper cut-off grade). Grades for molybdenum, silver, gold, iron, and sulfur are reported in the ore reserves for the first time.

The updated ore reserves comply with the JORC Code and replace the company's initial ore reserves reported in July 2022. Measured mineral resources have been converted to proven ore reserves, and indicated mineral resources to probable ore reserves.

In terms of project progress, most of the environmental studies required to support approvals have been completed, and submissions for the tailings storage facility as well as waste rock and process residue storage are underway. The company targets a ready-to-construct status by the first quarter of 2028, with ministerial approval expected by the end of 2027.

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