Cavalier Resources (ASX:CVR) drills deeper at Crawford Gold Project

Cavalier Resources (ASX:CVR) has moved into the next phase of its development strategy at the Crawford Gold Project in Western Australia, launching a 5,000 metre extensional drilling program designed to test the limits of the mineralised system beyond the Stage 1 starter pit.

The decision underscores management’s intent to build on what is already a low-cost, short-payback operation and to establish Crawford not only as a near-term gold producer but also as a longer-life asset with potential scale.

By drilling along strike and at depth, as well as targeting the northern oxide corridor through to the Miranda hard rock target, Cavalier is positioning itself to grow the resource base and shape the foundations for additional mining stages.

Highlights

• 5,000 metre extensional drill program now underway at Crawford

• Targeting growth beyond the Stage 1 starter pit, including the northern oxide corridor and Miranda hard rock target

• Stage 1 forecast gross revenue of A$103.6 million at a gold price of A$4,600/oz

• First gold pour anticipated within three months of production start

• Revised Pre-Feasibility Study outlines a net present value of A$51.7 million and an internal rate of return of 580%

The latest drilling is directed at near-mine resource growth, with Cavalier Resources aiming to extend mineralisation both along strike and at depth while simultaneously adding ounces to support planning for successive mining stages once the starter pit has been depleted.

The rationale is clear in the revised Pre-Feasibility Study released in April, which outlines that the Stage 1 pit is projected to deliver 23,467 recovered ounces of gold and generate gross revenue of A$103.6 million at a gold price of A$4,600 per ounce.

With pre-production capital requirements of only A$9 million and a payback period of nine months, Crawford presents as a robust project positioned in the lowest cost quartile, with an all-in sustaining cost of A$1,574/oz.

Ore Reserves currently stand at 1.002 million tonnes grading 0.91 grams per tonne for 29,300 ounces, all in the Probable category, based on Indicated Resources converted within the Stage 1 pit design that underpin the company’s initial production schedule.

Executive Technical Director Daniel Tuffin said the extensional drilling campaign was about looking well beyond this first chapter.

“The commencement of extensional drilling at Crawford represents a key step in unlocking the full potential of the greater Crawford project area. The Stage 1 starter pit is planned to deliver strong early performance, with first gold poured within three months of production and generating gross revenue of A$103.6 million at a gold price of AUD$4,600/oz. Mining of the starter pit is completed within fourteen months of production commencing, making it critical to get a head start on extensional drilling to expand the resource base and support planning for potential future stages or cutbacks.”

The extensional work will also probe the northern oxide corridor, with the aim of extending mineralisation towards the Miranda hard rock target.

Such a strategy signals Cavalier’s confidence in the broader Leonora district, where the company also holds the Hidden Jewel Gold Project and the Ella’s Rock lithium, nickel and gold project.

Looking ahead, the pace of Cavalier’s drilling campaign will be watched closely, with success likely to extend the project’s mine life and potentially lift production beyond the parameters of the current Pre-Feasibility Study.

For investors, the story at Crawford is evolving from a quick-payback starter pit into a growth narrative anchored in resource expansion and district-scale opportunity.

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