- Caravel Minerals (CVV) has entered a trading halt while it plans a capital raise
- The company recently started a pre-feasibility study for its Caravel Copper Project in WA
- Caravel is quickly developing its namesake project into production to meet the rising copper demand
- The company is also progressing reverse circulation and diamond drilling and will incorporate the results into an updated mineral resource estimate, which is planned for the third quarter
- Whether or not the capital raise will support this work isn’t yet clear, however, the market will only have to wait until Wednesday, February 24, to find out
- Caravel’s shares last traded at 18.5 cents on Friday, February 19
Caravel Minerals (CVV) has entered a trading halt while it plans a capital raise.
The company will remain in the trading halt until Wednesday, February 24, unless details of the capital raise are announced earlier.
Caravel Minerals is a Western Australia-based copper exploration company, which is advancing its namesake copper project.
Last week, a pre-feasibility study is currently underway for its Caravel Copper Project and is expected to be completed by the end of this year.
The copper project is considered to be one of the few large copper resources that can be quickly brought into production to meet the expected strong copper demand. It boasts high-quality infrastructure including grid power, sealed roads, well-serviced towns and nearby ports.
The Caravel Copper Project has a mineral resource of 662 million tonnes at 0.28 per cent copper for 1.86 million tonnes of contained copper.
However, Caravel is looking to update this mineral resource by the third quarter and will incorporate results from an ongoing reverse circulation (RC) and diamond drilling program.
So far, 21 RC percussion holes have been completed which has generated about 4000 metres of samples. Three diamond drill holes have also been completed for around 1600 metres of core.
Whether or not the upcoming capital raise will support the PFS or exploration work is not yet known.
Caravel’s shares last traded at 18.5 cents on Friday, February 19.