Stavely Minerals plans to expand its high-grade gold exploration portfolio on the eastern seaboard of Australia with acquisitions in Tasmania and Victoria.
The company’s subsidiary, Stavely Tasmania has entered into agreements to acquire Lefroy Goldfield to grow its existing Mathinna gold project in north-east of Tasmania.
Stavely identified a number of high-grade goldfields that included Leroy Goldfield during its regional review of gold potential in north-east Tasmania. This area is dominated by numerous high-grade trends.
Following Stavely’s $19.6 million capital raising in October, its plans to fund and fast-track gold and copper-gold exploration have come to fruition.
This acquisition would represent a significant expansion of Stavely’s gold assets in Tasmania and Victoria, alongside its licence acquisition in central Victoria, located east of Kirkland Lake Gold’s Fosterville gold mine.
Stavely chairman Chris Cairns said the opportunity to consolidate two high-grade gold fields with historically high-grade findings and very little modern exploration was a rare opportunity.
“In order to manage our gold exploration efforts while not distracting the existing field team from the significant discovery at Thursday’s Gossan, the company has engaged an independent team to manage the gold exploration activities in Tasmania and Victoria.” Cairns said.
Stavely is further consolidating structural trends alongside its two granted exploration licences covering the Mathinna goldfield and one application pending over its northern extension.
The company, now acquiring another exploration licence, has consolidated ownership of the entire structural trend for over 30 kilometres from Tower Hill in the south through to Alberton in the north.
This is the first time that the ownership of this entire stretch has been combined.
With Stavely’s limited modern exploration, its newly undertaken exploration will focus on historical mines with a number of high priority coincident gold and arsenic in soil anomalies yet to be analysed.
Stavely’s $1.35 million in exploration tax credits offered up to Australian shareholders in October is looking promising for shareholders in light of its new exploration programs for 2020.