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- Stavely Minerals (SVY) has extended mineralisation to 900 metres northwest of the Cayley Lode discovery in Victoria
- The company is undertaking a resource drilling program to extend this discovery zone to the northwest before moving to the southeast
- Not only has the latest results extended mineralisation, but they also returned grades of up to 21.2 per cent copper, 25.2g/t gold and 2540g/t silver
- Drilling is ongoing but will shift towards the south-eastern strike extension of the Cayley Lode
- Stavely’s shares are up 8.55 per cent and trading at 63.5 cents
Stavely Minerals (SVY) has reported outstanding assays from an ongoing drilling program at the Cayley Lode discovery.
This discovery is part of Stavely’s wholly owned Stavely Copper-Gold Project in Victoria.
The resource drilling program is aimed at extending the overall discovery zone to the northwest.
Drill hole SMD135 returned 6.4 metres at 4.02 per cent copper, 0.5g/t gold and 29g/t silver from 66.6 metres and one metre at 21.2 per cent copper, 1.75g/t gold and 142g/t silver from 67.3 metres.
The hole also returned another pleasing intercept of 13 metres at 1.54 per cent copper, 2.2g/t gold and 203g/t silver from 121 metres including one metre at 10.05 per cent copper, 25.2g/t gold and 2540g/t silver from 133 metres.
Pleasingly, SMD135 is the north-eastern-most hole reported so far in the Cayley Lode resource definition program and extends mineralisation to 900 metres of strike.
“Having so far defined a well-mineralised strike extent of 900 metres in the Cayley Lode, we have provided a strong foundation to the project. We also believe there’s an opportunity to extend the mineralisation a further 200 to 300 metres to the southeast, once we gain access to the south of the railway,” Executive Chairman Chris Cairns said.
In addition, hole SMD140 returned positive intercepts including 49.2 metres at 0.96 per cent copper, 0.28g/t gold and 11g/t silver from 93.8 metres including 2.6 metres at 2.16 per cent copper, 0.55g/t gold and 10g/t silver from 94.4 metres, and four metres at 2.42 per cent copper, 0.56g/t gold and 25g/t silver from 114 metres.
Results from this hole confirm previously reported intercepts from a drill hole which suffered four metres of lost drill core.
This drilling program is continuing but will shift to the south-eastern strike extension of the Cayley Lode.
Stavely’s shares are up 8.55 per cent and trading at 63.5 cents at 10:24 am AEST.
