- Stavely Minerals (SVY) interprets the latest drill results from its Toora West prospect as strong indications of an underlying copper porphyry system
- The explorer undertook air-core drilling at the prospect in a bid to obtain bedrock samples for geochemical analysis
- While the results have given way to visual indicators of mineralisation, Stavely warned there were no guarantees at this stage of exploration
- Stavely hinted at potential follow-up drilling but did not clarify any finer details
- Stavely Minerals shares are trading in the grey at 44 cents at 1:12 pm AEST
Stavely Minerals (SVY) has interpreted the latest drill results from its Toora West prospect as strong indications of an underlying copper porphyry system.
The Toora West prospect lies roughly 15 kilometres northwest of SVY’s Thursday’s Gossan prospect within its wholly owned Stavely Copper-Gold Project in Victoria.
The explorer completed follow-up air-core drilling at the prospect to obtain a few metres of bedrock sample for geochemical analysis.
Stavely said visual observations from the original and follow-up air-core programs indicated widespread weak-to-moderate mineralisation which remains open in all directions.
According to Stavely, this mineralisation is associated with alteration interpreted as inner-propylitic to outer potassic in character, meaning the target higher-grade potassic core is likely to be near-surface.
The company has not yet laid solid plans for follow up drilling but affirms Toora West prospect represents a blind, grass-roots porphyry discovery.
Stavely Minerals Executive Chairman Chris Cairns warned there were no guarantees in exploration but considers early-stage exploration to be encouraging.
“While investors are cautioned that not all air-core anomalies turn into mines, the low-grade sniffs produced by reconnaissance programs can turn into something more substantial with subsequent diamond drill testing,” he said.
“These air-core results confirm earlier clear indications of a second emerging porphyry discovery in the Stavely Volcanic Arc which will need to be tested by deeper diamond drilling as soon as practicable.”
Stavely Minerals shares were trading in the grey at 44 cents at 1:12 pm AEST.