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Caravel Minerals has signed up First Quantum Minerals (TSX: FM) as a cornerstone investor through a $1.25 million share placement.

First Quantum, a $12 billion market cap, operates seven mines producing copper, nickel, gold, zinc and platinum group metals across Australia, Africa and Europe. It is also developing five projects in Zambia, Peru and Panama.

Proceeds from the share placement will be used to help plan and execute the exploration activities at the Calingiri Copper-Molybdenum Project in Western Australia.

Caravel will receive assistance, technical resources and personnel from First Quantum under a Technical Cooperation Agreement.

It has also agreed to provide a Right of First Refusal to First Quantum that allows the Canadian company the right to match price and terms if the company chooses to sell the Calingiri Project in the future.

First Quantum is subscribing for 83.3 million Caravel shares priced at $0.015 each.

Calingiri is located 120 kilometres northeast of Perth with drilling in 2013 intersecting 50 metre to 150 metre thick zones of copper-molybdenum-silver-gold mineralisation.

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