- Stavely Minerals (SVY) ends the week in a trading halt while it plans the details of an upcoming capital raising
- The company will remain in the halt until Tuesday, July 5, or when an announcement with further details is released to the market, whichever occurs first
- Prior to entering the trading halt, Stavely reported a “standout” initial mineral resource estimate at the Cayley Lode deposit in Victoria
- The initial MRE reads 9.3 million tonnes at 1.2 per cent copper, 0.2 g/t gold and 7.1 g/t silver and 73 per cent is in the indicated category
- Shares in Stavely last traded at 20 cents on June 29
Stavely Minerals (SVY) has ended the week in a trading halt while it plans the details of an upcoming capital raising.
The company will remain in the halt until Tuesday, July 5, or when an announcement with further details is released to the market, whichever occurs first.
Stavely is yet to disclose how much it intends to raise or what it will use the funds for once received.
In mid-June, Stavely reported a “standout” initial mineral resource estimate (MRE) at the Cayley Lode deposit within the Stavely copper-gold project in Victoria.
The initial MRE reads 9.3 million tonnes at 1.2 per cent copper, 0.2 g/t gold and 7.1 g/t silver and includes a two-and-a-half-year resource drill out.
Stavely said 73 per cent of the contained copper at the Cayley Lode is in the open pit optimisation in the indicated category.
Additionally, the underground part of the Cayley Lode is in the inferred category and stands at 1.7 million tonnes at 1.8 per cent copper, 0.2 g/t gold and six g/t silver.
Executive Chairman Chris Cairns described the initial MRE as a “significant milestone” for Stavely Minerals.
“The initial Cayley Lode MRE is considered as only a starting point for this project, with enormous potential to extend the mineralisation at depth below the initial open pit,” Mr Cairns said.
“We have a significant amount of work to do to demonstrate that potential, but this initial MRE places a flag in the ground as a first look for the investing public as to what this project may become.
“This is an awesome starting point for an exciting discovery that is still in its early stages,” he concluded.
Shares in Stavely last traded at 20 cents on June 29. The company has a $52.19 million market cap.