Stavely Minerals Limited (ASX: SVY), an Australian mineral exploration and development company focused on copper, gold, and silver projects in Victoria, has announced a significant update to its Mineral Resource Estimate (MRE) for the Stavely Copper-Gold Project in western Victoria. The new MRE now stands at 60 million tonnes at 0.58% copper equivalent (0.46% copper, 0.09g/t gold, 2.8g/t silver). This represents substantial growth compared to the 2022 MRE, with a 113% increase in tonnage, a 31% rise in contained copper, a 67% increase in contained gold, and a 69% increase in contained silver.
The updated MRE is set to form the bedrock for an accelerated Scoping Study on potential copper-gold-silver production from the Thursday’s Gossan prospect, targeting completion by mid-2026. This study is now well underway, with an independent manager engaged and several key workstreams already finished. An open pit optimisation, utilising consensus metal prices, outlined a proportion of the MRE at 34 million tonnes at 0.74% copper equivalent, encompassing approximately 190,000 tonnes of copper, 110,000 ounces of gold, and 3.6 million ounces of silver. This outcome reinforces the company’s assessment that a 3 million tonnes per annum processing option warrants detailed evaluation.
In further news, reconnaissance drilling at the Freddy’s Find Gold Prospect intersected multiple significant epithermal gold-silver intervals, confirming a broad mineralised system, including 16 metres at 1.09g/t gold equivalent from 46 metres drill depth. On the corporate front, subsequent to the quarter’s end, Stavely Minerals successfully secured A$4.0 million in binding commitments through a heavily oversubscribed two-tranche placement to sophisticated and institutional investors. This capital raising, which saw strong support from major shareholders, will be allocated towards finalising the Scoping Study, preliminary pre-feasibility works, exploration targeting, and general working capital.
Additionally, the company drew down A$200,000 from a A$500,000 director loan facility during the quarter, further supporting its operational flexibility. These developments underscore Stavely Minerals’ progress in advancing its Stavely Copper-Gold Project and enhancing its value proposition for investors.
