Caravel Minerals (ASX:CVV) updated the total ore reserve for its Caravel copper project in Western Australia to 597 million tonnes from 583.4 million tonnes, according to a Friday filing with the Australian bourse.

The updated reading consists of 156 million tonnes at 0.3% copper for 392,000 tonnes of contained copper in a proved ore reserve, and 441 million tonnes at 0.2% copper for about 1 million tonnes of contained copper in a probable reserve.

While total contained copper is broadly unchanged, the proven ore reserve tonnage increased by about 48% from the 2022 maiden ore reserve, per the filing.

The company said molybdenum, silver, gold, iron, and sulphur grades have been reported within the project's ore reserve for the first time. The project also retains a "substantial inferred mineral resource" that is not part of the updated ore reserve, Caravel Managing Director Don Hyma said.

The company's shares declined more than 3% in recent Friday trade.