- Stavely Minerals (SVY) embarks on the ‘most comprehensive’ regional exploration program its Stavely copper-gold project has seen since the early 1970s
- The reconnaissance ground work will focus on 19 targets — most of which haven’t previously been tested
- Managing Director Chris Cairns says this will give the company a “first mover” advantage on a large number of previously untested targets
- Stavely will also drill three holes at the Toora West prospect to follow up on previous anomalous copper, molybdenum, bismuth, arsenic and silver results
- Company shares are up 12.6 per cent to trade at 49 cents
Stavely Minerals (SVY) has begun a new regional exploration program at its wholly owned Stavely copper-gold project in Victoria.
This program, which the company described as the ‘most comprehensive’ regional exploration program to be undertaken at the project in 40 years, will focus on 19 targets.
The high priority targets were identified by geologists during a prospect review and a large number of them haven’t been tested.
Managing Director Chris Cairns was pleased to get the major program underway.
“While we await access to the southern paddock at the Cayley Lode to complete our mineral resource drill-out, our geology team has been very busy diligently identifying and prioritising a large number of regional exploration targets,” he said.
“Not only are we able to reassess the known targets with a refined understanding of the mineral systems in the region, given the massive learning experience we have had at Thursday’s Gossan and the Cayley Lode, but we will also be ‘first mover’ on a large number of previously untested targets.”
In addition to the reconnaissance ground work, which will include soil sampling and drilling, Stavely has completed planning for a three-hole drilling program at the Toora West prospect.
The diamond holes will follow up on previous results which returned anomalous values of up to 0.61 per cent copper, 198 parts per million (ppm) molybdenum, 62ppm arsenic, 13ppm bismuth and 20.4 grams of silver per tonne (g/t) associated with quartz-veined porphyry and epidote in a 1600-metre by 1000-metre anomaly.
Company shares were up 12.6 per cent to trade at 49 cents at 2:33 pm AEDT.