Cavalier finds its feet in sliding market

CAVALIER Resources commenced its strategy to accelerate its flagship Crawford gold project in Western Australia into production as quickly as possible, closing an A$5 million initial public offer in recent weeks.
Cavalier finds its feet in sliding market Cavalier finds its feet in sliding market Cavalier finds its feet in sliding market Cavalier finds its feet in sliding market Cavalier finds its feet in sliding market

Cavalier is cashed up and ready to explore

Haydn Black

Reporter

The explorer and developer, which had been looking for up to $7 million, kicked off trading today amid a market sliding deep into the red, and while Cavalier opened at 17.5c, below its 20c raising level, it managed to find secure footing.
 
It quickly regained 20c, closing flat after a modest 800,000 shares were traded in tightly-held company.
 
The top 20 shareholders owning around 82%, with large holdings in the hands of founders Dan Tuffin and Ranko Matic.
 
Regardless of the wider market's turmoils, Cavalier has the cash needed to kick off its maiden drilling program at Crawford, near Leonora, where there is a 101,000 ounce gold resource.
 
It already sits within a granted mining lease, and could be shovel ready within 18 months, potentially feeding its high-grade oxide ore into one of the mills in the surrounding area.
 
Prior drilling at Crawford defined thick, high-grade oxide mineralisation, with assays such as 10m at 3.38 grams per tonne from 17m, including 2m at 12.4gpt.
 
Some areas of the resource have been drilled on 10m spacing, which should support a scoping study. 
 
Crawford remains open along strike and at depth, with little drilling below 70m.
 
Tuffin, Cavalier's technical director, is keen to improve the resource, complete mining studies. and generate cash from Crawford to turn Cavalier into a self-funded explorer, assessing the nearby Gambier Lass North gold project and the Ella's Rock nickel-gold project east of the Forrestania Greenstone Belt
 
Gambier Lass North is north-west of Crawford, and has seen an exploration focus for gold and Teutonic Bore-style base metals.
 
Cavalier will focus on following up historical intercepts such as 14m at 1.6gpt from 32m, including 6m at 3.29gpt, hoping to confirm and expand extensions from the historical Gambier Lass underground mine.
 
Gambier Lass North remains open at depth and along strike to the north-west.
 
Ella's Rock is a greenfields play with little prior drilling, although it is close to Western Area's held Diggers Rocks deposit and Cosmic Boy nickel concentrator, and Classic Minerals' trial gold mining operation at Kat Gap.
 
Surface mapping indicates the presence of greenstone lithologies within Ella's Rock, an area previously considered predominantly granite. 
 
Cavalier also has the small Hidden Jewel gold project within the Golden Cities Granodiorite, near Kalgoorlie, where prior drilling has intersected anomalous gold. 
 
The explorer believes there is potential for narrow quartz/sulphide veins similar to that found 10km south at Golden Cities where Norton Gold Fields has carried out recent mining activity.
 
The Golden Cities/Federal mining centre produced 283,000oz of gold in 2010, the last year for which records are available. Norton's Paddington mill is just 20km away.