- Stavely Minerals (SVY) reports results from a short extensional drilling programme at a deposit within its Ararat Project in Victoria
- The two drills were completed as Stavely looks to test the depth potential of the deposit
- Stavely says drilling extended mineralisation by 100 meters and demonstrates “incredible consistency”
- Additional diamond drill holes are planned to further extend the mineralisation at depth, according to SVY
- Stavely Minerals shares are trading flat at 50.5 cents
Stavely Minerals (SVY) has reported results from a short extensional drilling programme at a deposit within its Ararat Project in Victoria.
The programme comprised of two diamond drill holes executed in a bid to test the depth potential of the Mt Ararat copper-gold-zinc Volcanogenic Massive Sulphide deposit.
Stavely said drilling extended mineralisation at depth by approximately 100 metres, affirming Mt Ararat demonstrates “incredible consistency” along the newly defined strike extent of 800 metres and 250 metres depth extent.
The drills intersected mineralisation from 205.4 metres down-hole and 299.9 metres down-hole, respectively, with notable results including 6.7 per cent copper and 9.2g/t gold; and 8.74 per cent copper and 13g/t gold.
Broadly, the ASX-lister said these latest drills indicate strong potential to expand the current mineral resource at the project, which currently sits at 1.2 million tonnes at two per cent copper, 0.50g/t gold, 0.40 per cent zinc and 6g/t silver.
Additional diamond drill holes are planned to further extend the mineralisation at depth, according to SVY.
Stavely said it anticipates progressing Thursday’s Gossan Project to the Scoping Study stage of economic studies once the maiden Mineral Resource Estimate for Cayley Lode is completed.
Stavely Minerals shares are trading flat at 50.5 cents at 10:31 am AEST.