Stavely Minerals acquires North Queensland gold play

THE BOURSE WHISPERER: Stavely Minerals (ASX: SVY) has added a prospective new gold-copper project in North Queensland to its project portfolio.

The company said the Ravenswood West project Exploration Permit Application (EPM) 26041, located near the historical mining centre of Charters Towers and the multi-million ounce Ravenswood goldfield in North Queensland, was complementary to the its existing porphyry copper and gold projects in Western Victoria.

The new Ravenswood West project covers an area of 241 square kilometres approximately 5km south-west of the town of Ravenswood.

Exploration work already completed at the Ravenswood West project has provided encouraging rock chip results assaying up to 49 per cent copper, 0.24 grams per tonne gold, 0.21 per cent molybdenum and 1,793g/t silver.

“At Ravenswood, Stavely has acquired an orogenic and intrusive related gold and porphyry base metals and gold project with outstanding exploration potential,” Stavely Minerals managing director Chris Cairns said in the company’s announcement to the Australian Securities Exchange.

“It is located in a proven mineral district which has seen very little modern exploration, and offers the opportunity to target large mineralised systems at moderate depth.

“Plus, the rare earths potential is a genuine opportunity.”

Stavely Minerals has agreed to acquire Ukalunda Pty Ltd, the applicant of EPM26041 for the bargain purchase cost of just $2.

The competitive nature of the purchase is due to the fact Ukalunda was established in 2007 by Stavely Minerals directors Chris Cairns and Peter Ironside with the specific purpose of opportunistically applying for exploration permits in north Queensland.