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Caravel Minerals Completes Mining Study for Western Australia Project; Shares Up 4%

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Caravel Minerals (ASX:CVV) completed the mining component of the definitive feasibility study for its Caravel project in Western Australia, according to a Friday filing with the Australian bourse.

The mining study underpins the recently disclosed ore reserve of 597 million tonnes at 0.2% copper for 1.4 million tonnes of contained copper, the filing said.

To de-risk pre-strip and initial mining phases, the company plans to engage a mining contractor, transitioning to owner mining, with commercial negotiations currently in progress, per the filing.

Shares rose more than 4% in morning trade Friday.

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