- Stavely Minerals (SVY) has been granted two key retention licences for its Stavely Copper-Gold Project and its Ararat Copper Project
- The retention licences have been granted for a 10-year period, but can be renewed for a further 10 years
- This licence provides the licensee with tenure security over the land before progressing with a mining licence
- The licence holder must also comply with a work program to develop the project’s resource
- Following these grants, Stavely is planning mineral resource definition drilling as well as scoping and feasibility studies
- Company shares are up 4.84 per cent and are trading for 65 cents each
Stavely Minerals (SVY) has been granted two key retention licences for its Stavely Copper-Gold Project and its Ararat Copper Project.
The company was granted the licences by the Earth Resources Regulation body of the Victorian Department of Jobs, Precincts and Regions.
The retention licences have been granted for a 10-year period but can be renewed for a further 10 years.
A retention licence differs to an exploration licence and a mining licence. It basically provides the licence holder with tenure security over the land before progressing with a mining licence. The licence holder must also comply with a work program to develop the project’s resource.
“While there is plenty of drilling still to do, the grant of these key Retention Licences gives us the security of tenure we need to progress our key western Victorian Projects through the various stages of evaluation required before we get to a decision to mine,” Managing Director Chris Cairns said.
The grant allows Stavely to complete mineral resource definition drilling and undertake scoping, pre-feasibility and feasibility studies.
Once these are complete, Stavely can then apply for the JORC Code, which may lead to project financing and a decision to develop a mining operation.
“By continuing to support generative exploration projects and concepts, the Victorian Government is helping to sow the seeds for the discovery of new mineral deposits in western Victoria — discoveries that ultimately could be a significant source of the copper which the world will need for a low-carbon, sustainable future,” Chris stated.
Company shares are up 4.84 per cent and are trading for 65 cents each at 1:09 pm AEST.