- Stavely Minerals (SVY) has reported new high-grade assays at the Stavely Copper-Gold Project
- Currently, the company has two drill rigs on-site, as one of the rigs did not have the capacity to drill the holes it wanted
- Two additional drill rigs are expected soon
- Stavely is up slightly on the market this afternoon and is selling shares for $1.10 apiece
Stavely Minerals (SVY) has reported new high-grade assays at the Stavely Copper-Gold Project.
The company has today released results from diamond drill holes SMD054, SMD056 and SMD058.
Diamond hole SMD054 is located 40 metres along strike to the north-west of discovery hole SMD050 has returned outstanding high-grade assay results.
Results include 11 metres at 4.62 per cent copper, 0.57g/t of gold and 25g/t of silver from 86 metre down-hole, including 7 metres at 7.10 per cent copper, 0.72 g/t gold and 39g/t silver from 90-metre down-hole.
SMD054 also intercepted another overlapping interval of nickel mineralisation with 5 metres at 1.42 per cent nickel and 0.05 per cent cobalt.
Hole SMD056, targeted 40 metres below (down-dip from) the discovery hole intersection in SMD050 did not reach the target depth due to the drill rods breaking.
Despite this, the hole still intersected a significant zone of mineralisation. Results include 3 metres at 1.68 per cent copper, 0.18g/t gold and 8g/t silver from 79 metres down-hole.
Diamond hole SMD057 intersected a broader zone of mineralisation with 23 meters at 1.34 per cent copper, 0.26g/t gold and 3.5g/t silver from 68 metres down-hole, including 3 metres at 6.33 per cent copper, 0.27g/t gold and 2.9g/t silver from 88-metre down-hole.
Stavely Executive Chairman Chris Cairns is pleased that the ongoing drilling continues to intersect well developed, high-grade copper-gold-silver mineralisation.
“As expected, we continue to see variation in widths and grade along the strike length of the discovery, but overall the picture is continuing to build strongly,” Chris said.
“While drilling conditions remain challenging, we are seeing greatly improved recoveries in the problematic friable sulphide zones that we believe host the greatest abundance of hypogene chalcocite – and hence the higher-grade copper zones,” he added.
Chris says the current challenge is to improve drill recoveries in the ‘green clay’ zone that are associated with the nickel-cobalt mineralisation
Stavely says it has temporarily reduced to two drill rigs on-site as the rig that was demobilised did not have the capacity to complete the large diameter of drill holes.
“Two larger capacity rigs are expected to arrive in coming weeks to accelerate the in-fill and extensional drilling of the UCF target and to drill test other similar regional targets,” Chris told the market.
Stavely is up slightly on the market this afternoon and is selling shares for $1.10 apiece at 1:25 pm AEDT.