Caravel Minerals (ASX:CVV), formerly Silver Swan Group, is an Australian listed gold and base metals explorer with projects throughout Western Australia and Queensland.
Silver Swan Group’s (ASX: SWN) substantial shareholder private investment company Copulos Group has increased its shareholding in Silver Swan to 15.69%
Copulos purchased 2,690,021 shares on market on November 14 for a consideration of A$173,775 and a further 325,000 shares on November 15 for a consideration of $20,800, providing an average entry price of $0.064 per share.
Silver Swan is currently in an interesting position as it continues gold exploration at the Stakewell gold project and the hunt for volcanogenic massive sulphide deposits at the Quinns VMS project, both south of Meekatharra in Western Australia.
Encouraging oxide gold mineralisation was intersected during the September quarter at the Stakewell project.
Silver Swan has drilled 11 reverse circulation holes for a total of 878 metres to follow up on high-grade gold intersections at the historic Kohinoor open-pit and underground gold mine.
Meanwhile, Quinns is located 55 kilometres south of Meekatharra covering a tenement area of 45 square kilometres, where Silver Swan discovered the Austin volcanogenic massive sulphide deposit in the Quinns project area and subsequently defined a Resource of 1.48 million tonnes at 1.02% copper, 10.39% zinc, 0.24 grams per tonne (g/t) silver and 3.31g/t gold.
There is a very large 25 kilometres of strike with potential for VMS mineralisation at two stratigraphic levels.
In the December quarter, Silver Swan will revisit the Austin deposit to determine the potential for stacked sulphide lenses to the east and west of the current massive sulphide mineralisation and potential for enlargement of the orebody in terms of both width and depth.