- CAVU Mining Corp. (CAVU) plans to acquire a 100 per cent interest in the Star Project
- The Star Project is a copper-gold porphyry project in northern British Columbia
- CAVU has acquired a 49 per cent interest in the Star Project from the court-appointed receiver of Otso Gold Corp
- It has also signed a letter of intent to acquire the remaining 51 per cent interest from Prosper Gold Corp
- The Star Project is 6,829 hectares and located about 50 km of the community of Telegraph Creek, in the traditional territory of the Tahltan First Nation
- CAVU Mining Corp. (CAVU) was trading at $0.65, with a gain of $0.05 at 3:50 PM ET
CAVU Mining Corp. (CAVU) has announced its plans to acquire a 100 per cent interest in the Star Project.
The Star Project is a copper-gold porphyry project located in northern British Columbia.
As part of the transaction, CAVU has acquired a 49 per cent interest in the Star Project from the court-appointed receiver of Otso Gold Corp. and signed a letter of intent to acquire the remaining 51 per cent interest from Prosper Gold Corp.
The Star Project is located in the traditional territory of the Tahltan First Nation.
“The Star Project is well-aligned with our management team’s experience and we believe that it will add significant value for our shareholders., as it is a proven porphyry system that has been tested to 700 m below surface and remains open at depth,” said Jaap Verbaas, CEO of CAVU.
“CAVU intends to compile and analyze all existing data on the project and proceed with a comprehensive exploration program to further test the five porphyry targets that have already been partly delineated by previous drilling campaigns,” he added.
The Star Project is 6,829 hectares and is located about 50 km from the community of Telegraph Creek, in the traditional territory of the Tahltan First Nation.
Access to the Star Project is through a fixed-wing airstrip on-site and a network of trails and drill roads. Camp facilities are on-site and were last used in 2014. The project is also permitted for drilling until March 31, 2026.
The Star Property has been explored since the 1950s with a total of 18,739 m of drilling since 1955. The main Star target is the most developed target and has been the subject of several drill programs. The property also contains several less developed targets.
The Star Project is subject to royalty with certain legacy owners representing 2 per cent of net smelter returns upon commercial production. One-half of the royalty may be repurchased from the royalty holders for a price of $2,000,000.
CAVU Mining Corp. is a mining company engaged in the acquisition, exploration and development of mineral projects containing metals used in green technologies and the renewable energy sector.
CAVU Mining Corp. (CAVU) was trading at $0.65, with a gain of $0.05 or 8.33 per cent at 3:50 PM ET.