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ASX Announcement 29 October 2021 CARAVEL MINERALS QUARTERLY ACTIVITIES REPORT ASX : CVV Highlights • • • • FOR PERIOD ENDED 30 SEPTEMBER 2021 Completed infill RC percussion drilling program at the Bindi East Limb and Bindi Hinge areas improving geological confidence for resources within the larger Bindi deposit Assay results show higher - grade copper mineralisation in the Bindi East Limb and northern Bindi Hinge with good continuity between sections Results for diamond core drilling confirm the existence of the South - East Synform and Lower Limb at the southern end of the Bindi East Limb Ausenco appointed as lead engineering consultant for Caravel Copper Project PFS along with other key advisors Caravel Copper Project PFS is expected in the first quarter of 2022 Caravel Copper Project The Caravel Copper Project is located 120km north - northeast of Perth in Western Australia's Wheatbelt region , between the towns of Calingiri and Wongan Hills . The projects resources contain over 1.8Mt of contained copper hosted by porphyry style copper - molybdenum - gold mineralisation in a previously unrecognised magmatic arc within the Yilgarn Craton . In July 2021 , Caravel completed a substantial program of infill reverse circulation ( RC ) percussion drilling at the Bindi deposit . Drilling confirmed the grade and distribution of copper - molybdenum mineralisation in the Bindi Hinge Zone and Bindi East Limb . Results from the drilling program will support an updated Mineral Resource and there is potential to bring these higher - grade shallow zones into the early mine schedule of the Project's Pre - Feasibility Study . Health & Safety The Company did not have any reportable safety incidents during the quarter . Pre - Feasibility Study The Caravel Copper Project Pre - Feasibility Study ( PFS ) follows the positive Scoping Study that was released on 29 May 2019. The 2019 study outlined a large - scale , long - life , conventional open - cut mining and processing project based on a Mineral Resource ( at a 0.15 % Cu cut - off ) of 662 million tonnes at 0.28 % Cu , for 1.86 million tonnes of contained Cu ( see Appendix B ) .