Little Butte, Arizona
The Arizona Project is a gold-copper exploration project located approximately 250km south-southeast of Las Vegas, Nevada and 200km west of Phoenix, Arizona. The 9km2 tenure is comprised of immediate “walk up” drill targets with potential to define a near-surface, open-pittable oxide gold-copper resource, associated with two parallel oxide gold-copper shear zone targets which each have strike lengths of more than 1km.
The project has produced encouraging high-grade shallow oxide gold results, with a deeper Cu-Au sulphide “chargeability” target having been defined beneath numerous small-scale, high-grade historical surface Cu-Au workings.
Reverse circulation (RC) drilling to delineate the shallow oxide gold potential is currently planned to commence in September, subject to regulatory approvals.
Carnvale has entered into an Option Agreement and will have the right to earn 100% (subject to third party royalty) in the Arizona Project following its acquisition of Tojo Minerals. Carnavale has the sole right to elect to acquire all shares in Tojo, up to 28 February 2015.