Stavely Minerals has entered an earn-in and joint venture with a subsidiary of Navarre Minerals over an exploration licence that lies adjacent to its wholly-owned Stavely copper project in western Victoria.
The ASX-listed junior explorer can earn up to an 80% stake in EL5425 by spending $150,000 on exploration in the first two years to take a 51% interest, and then fork out a further $300,000 in the next three years to earn another 29% interest.
After the second earn-in period, both parties will contribute to Joint Venture expenditure on a pro-rata basis relative to their participating interest.
Stavely Minerals’ managing director Chris Cairns said the agreement significantly expands its access to exploration areas within the highly prospective Stavely Volcanic Belt.
“We believe the Stavely Volcanic Belt has the potential to host multiple alkalic copper-gold porphyry deposits and is significantly underexplored compared to the Lachlan Fold Belt in neighbouring New South Wales.
The Stavely project lies in western Victoria on the Stavely tablelands approximately 250 km to the west of Melbourne.
The Company is targeting a Cadia-style gold-copper porphyry and Lake Cowal-style gold mineralisation in the Stavely Project.
Shares in the company (ASX:SVY) were trading 2.3% higher at 22c in late trading on Friday.