STAVELY MINERALS

Drilling continues -further results 7 - 10 days

Stavely Minerals has announced that the company ‘has consulted with drilling contractors and field personnel and is continuing field-based drilling operations until otherwise advised by Government to cease activities.’ This announcement is in response to COVID-19 restrictions ‘coming into effect at midnight on Wednesday for regional Victoria’.


Stavely Minerals say they’re confident that ‘drill core processing, logging and sampling - can be done in a manner consistent with the principles of social distancing recommended by Government authorities.’ The Company also commented that ‘the flow of samples through the assay laboratory continues unabated and the Company expects to be in a position to report further results and provide an update on drilling activities in approximately a week to 10 days.’


Cash and cash equivalents were A$9.4 million at 30 June 2020. An oversubscribed A$28.0 million capital raising was announced on 24 July 2020. So far, Tranche 1 (A$16.8 million before costs) has settled. On final completion of the entire capital raise, expected at the end of August, cash and cash equivalents will rise to approximately A$36 million.


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