Caravel Minerals: New Drilling Program Starts At Caravel Copper Project

  • Jan 16, 2019 AEDT
  • Team Kalkine
Caravel Minerals: New Drilling Program Starts At Caravel Copper Project

Caravel Minerals Limited (ASX: CVV) had made an announcement about the new drilling program with the help of the press release. It happens to be development as well as copper exploration company which is listed on Australian Securities Exchange or ASX under the symbol “CVV”. As per the release dated January 16, 2019, the company had stated that new drilling program had been initiated with respect to Caravel Copper Project which has been designed by keeping in mind favourable 2018 diamond drilling results.

Not so long ago, the company had made an announcement about 2 significant higher-grade zones. They had stated that these higher-grade zones had been interpreted to be lower as well as upper limbs with regards to the overturned fold and have intersected by diamond hole 18CADD005 at Bindi deposit.

The issued release also stated that high-grade zones which had been intersected by the 18CADD001, as well as 18CADD002 with respect to the Bindi West, have been interpreted as an upper limb of overturned fold which has been witnessed in 18CADD005. However, the release also reflected that Bindi East has been interpreted to be a continuation with respect to steeper west-dipping lower (overturned) limb.

Not so long ago, Caravel Minerals had released the quarterly report which covers the information about the September 2018 quarter. As per the report released, the company had managed to garner $1.51 million (after costs) with the help of the rights issue. The report also stated that the company had also rolled out a new website. In addition, Caravel Minerals ended September 30, 2018, with the cash reserves amounting to circa AU$1.7 million. In the September 2018 quarter, the company’s net cash used in the operating activities was $0.412 million. During the same period, the company had given payments amounting to $0.132 million towards the exploration and evaluation. However, it incurred staff costs amounting to $0.149 million in the September 2018 quarter and towards administration and corporate costs it incurred $0.175 million. In the September 2018 quarter, the company’s net cash used in the investing activities was $0.003 million.

In the annual report of FY 2018, Caravel Minerals Limited had highlighted the changes which have been done with respect to the Board as well as the new management team. The annual report stated that fresh management happens to be the experienced project developers. It also added that these experienced developers would be inclined towards Caravel Copper Project development.

We would now understand how Caravel Minerals had performed from the past few months. At the time of writing, the last traded price of the company’s stock was A$0.070 per share while the market capitalization stood at $10.82 million. Talking about the past performance, the company’s stock had delivered the return of 40% in the span of 6 months. However, in the time frame of previous one month and three months, the returns of the stock were 16.67% and 37.25%, respectively.

Caravel Minerals Limited is having an earnings per share (or EPS) of -$0.025.


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