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In mid-2005, Beaconsfield Gold commenced an initiative to broaden its exploration activities beyond the region of the Beaconsfield Mine by selectively pursuing other exploration interests.
In July 2005, Beaconsfield Gold acquired its first such interest when it secured an option to acquire 100% of Stavely Exploration Licence 4556 (370 sq km), located south of the Grampians in western Victoria, from New Challenge Resources Pty Ltd.
In the announcement of the acquisition on 28 July 2005 Beaconsfield Gold's Chairman, Dr Denis Clarke, commented "...Stavely presents us with an exceptional, too-good-to-ignore opportunity to explore an advanced project with substantial potential for large-scale polymetallic mineralisation. ..."
Under the agreement with NCR, Beaconsfield Gold can acquire 100% of the licence for $350,000 at any time within four years, subject to NCR retaining a 3% net smelter return royalty. BCD is also required to make cash payments to NCR totalling $65,000 and must spend a minimum of $500,000 on exploration over the four years if it wishes to maintain the option.
The landholding has since been expanded from 370 to 1,180 sq km, with the grant of four additional exploration licences by the Department of Primary Industries, and the acquisition of an adjacent tenement from New Holland Mining. This provides control over a very significant area of prospective regional geology.
Beaconsfield Gold, on the basis of the exploration results of previous explorers, assessed the Stavely region as containing large scale hydrothermal/plutonic mineralising systems associated with gold and base metal mineralisation. The extensive character of these systems has attracted previous exploration expenditure of some $4 million by major companies, including most recently Newcrest. A number of prospects have been identified.
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