PERTH (miningweekly.com) – ASX-listed junior Caravel Minerals has agreed to sell its noncore Silver Swan tenements, in Western Australia, to focus on its flagship projects, including the Calingiri copper/molybdenum project, and the Bryah Basin copper/gold project.

The metals developer noted that sales agreements were now in place for the Abbots, Bourkes and Yangahong projects, while options were also being assessed for the Quinns and Stakewell project.

CEO Marcel Hilmer noted that the disposal of the noncore assets was consistent with the company’s focus on the quality minerals portfolio acquired from fellow-listed miner Kingsgate Consolidated.

“This will reduce Caravel’s annual tenement obligations by up to A$1.25-million, while at the same time realising cash proceeds from disposal agreements. This will further assist the company to advance its plans for the Calingiri, Wynberg and Bryah projects,” he added.

Carvavel has now executed a sales agreement with Doray Minerals over the Abbots, Bourkes and Yagahong projects, letting them go for A$150 000. The agreement was subject to certain conditions precedent, as well as a successful due diligence.

The junior has further signed a nonbinding letter of intent with another listed company over the Quinss project, for a proposed consideration of A$250 000. The 30-day due diligence period would start on the signing of a sales agreement, which would likely be executed before June 19.

Furthermore, Caravel has completed the sale of part of the Stakewell project, selling it to Munarra Metals for A$5 000.

The balance of the project would be surrendered after July, after Caravel met its rehabilitation obligations.

In March, Caravel acquired a package of 46 mineral tenements in Queensland and Western Australia, from gold miner Kingsgate Consolidated, in exchange for 135-million issued shares and a further 20-million unlisted options, exercisable at 10c each on or before the three-year anniversary of the issue date.

The tenements included the Wynberg project, which hosts a Joint Ore Reserves Committee0compliant resource of some 140 000 oz of gold.