Stavely Minerals Ltd (ASX:SVY) is a mineral exploration company which acquires early to advanced stage exploration projects. Stavely Minerals have a number of projects that include the Ararat Project and Stavely, Yarram Park Project in Victoria, the Ravenswood Project in Queensland and the Mathinna Project in Tasmania. Stavely Minerals has a market capitalisation of A$157 million.
What is the recent update for Stavely Minerals?
On 26 September 2019, Stavely Minerals management announced a high-grade copper and gold discovery at the Thursday Gossan Prospect, which is part of the 100 per cent owned Stavely Copper-Gold Project in Victoria. The fist diamond hole intersected a thick zone of shallow high-grade copper-gold-silver mineralisation with grades up to 40 per cent copper. A second step-out hole located 160m to the south-west also encountered a thick zone of massive to semi-massive mineralisation over a down-hole width of 60 metres.
Stavely Minerals management notes, “It’s not often in the career of an explorer that you see 40% copper grades over sub-metre intervals, let alone over two metres –and those stunning copper numbers are accompanied by very significant gold and silver values as well”.
What is the market reaction?
On 20 September 2019 Stavely minerals was trading at around A0.24 cents. Today (27 September 2019 – 10.20am), Stavely minerals is trading at around A0.995 cents. This represents around a 300 per cent increase in the share price since the announcement discussed above.
Investors could closely monitor further updates released by Stavely Minerals management to observe potential new discoveries on the Stavely Copper-Gold Project.
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