Join our daily newsletter At The Bell to receive exclusive market insights
- Avira Resources (AVW) has advanced the Mount Macpherson and Throssel Range projects over the June quarter
- The company signed the Land Access and Mineral Exploration Agreements for both projects in Western Australia’s Paterson province
- The exploration licence for Mount Macpherson has now been granted and that for Throssel Range is expected to be granted in August
- Avira is preparing to commence exploration at both, including geological mapping, geochemical soil sampling and an airborne geophysics survey
- Company shares closed 20 per cent higher at 0.6 cents
Avira Resources (AVW) has advanced the Mount Macpherson and Throssel Range projects over the June quarter.
The company signed the Land Access and Mineral Exploration agreements with the Western Deserts Land Corporation for both projects in Western Australia’s Paterson Province.
The exploration licence for Mount Macpherson was granted last month and Avira expects that an exploration licence will also be granted for Throssel Range in August.
Avira has also mobilised an exploration field team and engaged NRG Australia to complete the first two phases of exploration at the projects.
These will include geological mapping, geochemical soil sampling and an airborne geophysics survey.
A phase of exploration drilling is then expected to be carried out in the final quarter of 2020, following the interpretation of geophysical and geochemical data from the earlier phases.
Additionally, the company completed a $500,000 share placement during the quarter, to support exploration across the Paterson province projects.
At the end of June, Avira had no debts and $756,000 in the bank, equivalent to more than five quarters of estimated funding.
Company shares gained 20 per cent today to close at 0.6 cents.
