Octava Minerals (ASX: OCT) has garnered significant investor support for its acquisition of the Federation metals project in Tasmania, achieved through the purchase of Magnes 25. The company, which is focused on exploration and development of resource projects, is advancing its Byro project in Western Australia in addition to the Federation acquisition. Octava aims to create shareholder value through discovery and development of mineral resources.
New sophisticated and professional investors contributed to a first tranche placement, raising approximately $457,500 towards a total target of $1.5 million. This initial placement involved the issue of 15,250,007 ordinary Octava shares at $0.03 per share. The timing of the next stage of the placement is subject to a vote at an upcoming general meeting.
The Federation project consists of two granted tenements situated near established mining centres with existing processing infrastructure and hydro power stations. Historical drilling at Federation’s Sweeneys prospect in the late 1970s revealed significant intersections of copper, zinc, and silver, including 23 metres at 1.19% copper, 1.70% zinc, 121 grams per tonne silver, and 1.17% tin. According to chief executive officer Bevan Wakelam, these promising results were not followed up at the time due to the focus on tin exploration, making the Federation acquisition a unique opportunity for Octava.
Octava also reported positive results from Stage 1 metallurgical test work on ore from its Byro rare earths and lithium project in Western Australia’s Gascoyne region. The studies, conducted by the CSIRO, identified a culture readily adaptable to Byro samples, demonstrating good cell growth, ferrous iron oxidation, and acid generation. Previous exploration at Byro identified large anomalous halos, with nine historical holes recording anomalous lithium over substantial thicknesses from near surface.
