Carnavale Resources Limited has released updated drilling results and a new Mineral Resource Estimate for its Kookynie Gold Project, located just 60km south of Leonora in Western Australia. The revised estimate now totals 842,000 tonnes at an average grade of 4.3 g/t gold, equating to approximately 117,000 ounces of gold. Notably, the update includes a bonanza-grade zone that accounts for 60,000 tonnes grading an exceptional 28.3 g/t gold, representing 55,000 ounces. This marks a 38% increase in total gold ounces over the maiden estimate, with the indicated category expanding by nearly 46%. The enhanced resource, which is characterized by shallow, high-grade mineralisation over 66% of the total, is comprised of both the original Swiftsure lodes and the newly defined Tiptoe lodes. Drilling programs over the past several years—employing reverse circulation, diamond, and aircore techniques—have not only expanded known mineralisation depths by more than 400 meters down-dip but also converted considerable inferred material to the higher-confidence indicated category. This technical progress has spurred the commissioning of an updated Scoping Study, which will factor in increased resource confidence and improved economics driven by a rising gold price, now trading well above AU$5,100 per ounce compared to earlier studies based on AU$3,500. Underlying the technical update is a robust exploration programme that has utilized industry-standard sampling and estimation techniques, including 3D indicator kriging and conventional ordinary kriging. The project’s favourable location near several operating processing facilities in the Eastern Goldfields and its potential to be developed initially via compact open pits—with later transition to underground mining—adds to its economic appeal. Furthermore, the company is in detailed discussions with mining contractors regarding a potential joint venture to unlock additional value from the project. From a market sentiment perspective, the updated figures and improved grade profiles are encouraging signs for the company. Bullish investors may view the significant resource upgrade, conversion of inferred to indicated resources, and robust high-grade bonanza zone as strong indicators of potential shareholder value uplift. Additionally, the improved gold price environment and proximity to established processing infrastructure add further optimism. On the bearish side, some risks remain. The ultimate economics of the project still depend on further detailed studies and feasibility assessments. Investors should also be mindful of exploration risks and the inherent uncertainties in transitioning from resource estimates to profitable production. Overall, while the technical updates underpin a compelling development story, the path to full project validation and economic extraction continues to require careful scrutiny.