Stavely Tasmania Pty Ltd (a wholly owned subsidiary of Stavely Minerals Limited) acquired an exploration licence (EL6668) in central Victoria approximately 10km east of the world-class 9 million-ounce Fosterville Gold Mine.
The exploration licence is located over the hanging wall of the Heathcote Fault Zone in an analogous position to the Fosterville Gold Mine.
Standout Initial Mineral Resource Estimate for the Cayley Lode – 9.3Mt at 1.2% Cu, 0.2g/t Au and 7.1g/t Ag
Cayley Lode Indicated Resources 5.87Mt at 1.04% Cu, 0.23g/t Au and 7.0g/t Ag Cayley Lode Inferred Resources 3.4Mt at 1.6% Cu, 0.2g/t Au and 8g/t Ag
Another Outstanding High-Grade Copper-Gold Intercept at Cayley Lode
Exceptional high-grade zones grading up to 7.17% copper, 30.6g/t gold and 52g/t silver in deepest intercepts on the Cayley Lode to date; initial Mineral Resource due this quarter
Binding commitments received for A$4 million placement (Placement) at A$0.15 per share (Offer Price)
Launch of share purchase plan (SPP) to raise up to A$1.5 million, at the same price as the Placement
Net proceeds will be applied to exploration, resource definition drilling and working capital