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Stavely progresses Thursday's Gossan copper deposit to scoping study on positive economics

StavelyMinerals Ltd. now plans to advance to a scoping study aftercompleting a conceptual study that indicated a positive economic outcome andacceptable rate of return for the Thursday's Gossan prospect at its copper-goldproject in western Victoria.

The company said July 18 that the conceptual studydemonstrated sufficiently positive outcomes with respect to net revenue and netpresent value, as well as an attractive internal rate of return.

The key elements of the study included a mining andprocessing rate of slightly less than 2 million tonnes per annum, mining ofaround half the inferred resource and eight years of processing starting in2019.

The study identified a number of opportunities to enhanceproject economics including increasing the size of the resource, which sits at28 million tonnes at 0.4% copper for 110,000 contained tonnes.

Costs may also be reduced by investigating the suitabilityof using continuous surface mining equipment and through lowering reagent usageand a streamlined processing flowsheet.

"A number of areas have been identified with thepotential to enhance the projected economic returns and these will beinvestigated by the scoping study," Managing Director Chris Cairns said.

The scoping study will evaluate the potential for copperconcentrate production from the chalcocite-enriched supergene"blanket" at the Thursday's Gossan deposit.