While Cavu's current drill permit is due to expire on June 18, the company expected the new permit will be issued beforehand, which would allow exploration to continue uninterrupted. Cavu has already identified extensions of high-grade skarn horizons and porphyry-style mineralisation.

The company's CEO Jaap Verbaas said Cavu was starting the year in a strong position.

"Applying for a new exploration permit for our flagship project was an important milestone during our winter season," he said. "With the completion of our latest financing, we are also fully funded and able to retain contractors well in advance of drilling season."

Cavu recently closed its non-brokered private placement offering on an oversubscribed basis for C$3.5million.

Cavu also announced the appointment of Lucia Theny, a structural and economic geologist, to its board of directors. Theny previously worked as a field geologist and executive for a number of junior exploration companies, with experience in porphyry exploration in western Canada.

Cavu Mining has a second exploration-stage copper-gold project, called Kitimat, in British Columbia.

Cavu Mining is listed on the Canadian Stock Exchange and traded on January 31 at C$0.56/share, which was the second day in a row it was above C$0.50.