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 (ASX: SWN) executive chairman David Archer has increased his stake in the company.
Archer acquired 300,000 shares on market between December 16 and 20, 2011, for a total cash consideration of $18,489.
Combined with his already held 50,000 shares, the transaction takes Archer’s holding in Silver Swan to 350,000 shares.
Archer’s move to increase his stake is a vote of confidence for Silver Swan, coming in the weeks following his appointment as chairman of the company, on December 9, 2011.
Silver Swan has had drilling successes at both the Stakewell Gold Project and the Quinns Volcanogenic Massive Sulfide (VMS) Project, both located in Western Australia’s Yilgarn craton.
The company has continued to intercept VMS mineralisation at Quinns, with a recent highlight intersection of 10 metres at 4.7% zinc from 247 metres, including 6 metres at 7% zinc and 4 metres at 0.5% copper.
At Stakewell, drilling in December intercepted:
- 4 metres at 6.3 grams per tonne (g/t) gold from 28 metres;
- 8 metres at 1.0g/t gold from 38 metres; and
- 17 metres at 1.0g/t gold from 24 metres.