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Sept. 11, 2019, 1:05 a.m. EDT

Carawine Resources Ltd (asx:CWX) Copper-Gold Porphyry Targets at Hill 800

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Perth, Australia, Sep 11, 2019 (ABN Newswire via COMTEX) -- Gold and base metals explorer Carawine Resources Limited ("Carawine" or "the Company") (asx:CWX) is pleased to announce compelling new geochemical evidence for a copper-gold porphyry source of mineralisation at its Hill 800 deposit, part of the Company's 100%-owned Jamieson Project in northeast Victoria.

KEY POINTS

- Compelling geochemical and geophysical evidence for large copper-gold porphyry targets beneath Hill 800

- Modelling of regional magnetic data indicates depth to targets of between 200m and 600m

- Potential for large scale copper and gold porphyry mineral systems at Jamieson

- Drill testing planned to commence Q4 2019

- New tenement increases coverage of prospective host rocks

Hill 800 is the most advanced prospect at the Jamieson Project, with drilling to date returning outstanding widths and grades of gold and copper mineralisation from intensely altered volcanics, including:

- 93m @ 3.22g/t Au from 2m (0.3g/t Au cut-off), hole H8DD006, including:

12m @ 5.59g/t Au from 2m, and 31m @ 6.64g/t Au from 58m (1g/t Au cut-off)

- 49m @ 2.54g/t Au, 0.2% Cu from 143m (0.3g/t Au cut-off), hole H8DD004, including:

17m @ 6.62g/t Au, 0.3% Cu from 157m (1g/t Au cut-off)

- 43m @ 4.24g/t Au, 0.3% Cu from 177m (0.3g/t Au cut off), hole H8DD002 including:

10m @ 5.66g/t Au, 0.9% Cu from 182m and 5m @ 24.1g/t Au, 0.4% Cu from 203m (1g/t Au cut off) (Downhole widths, refer Figure 11 and ASX announcement 27 May 2019 for details)

Today's announcement relates to the analysis of multi-element geochemical data from 19 diamond drill holes completed by the Company at Hill 800. The analysis, by renowned expert Dr. Scott Halley, provides strong geochemical evidence that a copper-gold porphyry intrusion may be the source of mineralisation at Hill 800 (Figures 1 to 3; Tables 1 & 2, Appendix 1 in link below).

*All tables and figures can be viewed via the link below.

This follows the recognition of two distinct magnetic anomalies from regional-scale survey data at Jamieson (Figure 4) (refer ASX announcement 15 July 2019). Magnetic anomalies are commonly associated with mineralised porphyries and therefore provide excellent targets for drill testing.

Carawine Managing Director Mr David Boyd said this was another exciting development for Hill 800 and the Jamieson Project, one that could lead to a major new discovery in the region.

"Earlier this year we established a new interpretation for the Hill 800 mineralisation, demonstrating the potential for high-grade mineralisation to continue at depth beneath the current limit of drilling.

"These latest results strongly suggest a fertile copper-gold porphyry is driving the mineral system at Hill 800 and its surrounds. Combined with our regional target generation work, this new evidence gives us confidence that we could be chasing a porphyry copper-gold target at depth beneath Hill 800, and potentially at Rhyolite Creek as well.

"Porphyry deposits are very attractive targets given they are typically very large mineral systems with multiple deposits and excellent grade characteristics. We are now designing an exploration program to define the geometry and depth of the porphyry targets, so that they can be drilled during the next drilling campaign. This is planned to commence in Q4 2019, following the release of the Company's first Mineral Resource for Hill 800."

Hill 800 Lithogeochemical Study

Following the announcement of five new regional prospects, and recognition of the potential for deep magmatic systems at Jamieson from regional magnetic data (refer ASX announcement 15 July 2019), the Company approached Dr Scott Halley from Mineral Mapping Pty Ltd to provide an analysis of multi-element data from Hill 800. Dr Halley is widely recognised as an expert in the field of geochemistry and has consulted to more than 100 mining and exploration companies in more than 25 countries.

Dr Halley identified four key outcomes from the study, as follows.

1. The gold-mineralised zone at Hill 800 has a strong gold (Au), tellurium (Te), bismuth (Bi) and selenium (Se) association which is most like that of magmatic fluids originating from a copper-gold porphyry intrusion (referred to as a "fertile" porphyry).

Typical values of these pathfinder elements observed in higher levels above fertile porphyries are in the order of Te > 1 ppm, Bi > 1 ppm and Se > 4 ppm (Figure 1). At Hill 800, the data show significantly elevated values for these elements (Figure 2, Tables 1 and 2, Appendix 1):

- H8DD002 43m @ 4.24g/t Au, 0.3% Cu, 19.5ppm Te, 19.1ppm Bi and 4ppm Se from 177m

- H8DD006: 92.7m @ 3.25g/t Au, 43.0ppm Te, 1.1ppm Bi and 22ppm Se from 2.3m

- H8DD019: 101m @ 1.44g/t Au, 27.8ppm Te, 1.8ppm Bi and 12ppm Se from 21m

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