- Stavely Minerals (SVY) has reported resource drilling at the Thursday’s Gossan prospect has returned more broad copper-gold intercepts
- Thursday’s Gossan is a shallow, high-grade copper-gold discovery within the Stavely Copper-Gold Project in Victoria
- Stavely’s main focus is resource drilling in the central and south-eastern part of the prospect to generate a maiden JORC Mineral Resource by the end of 2020
- Stavely is down two per cent on the market and shares are trading for 49 cents each
Stavely Minerals (SVY) has reported significant new assay results from its ongoing resource drilling program at Thursday’s Gossan prospect.
The Thursday’s Gossan prospect is a shallow, high-grade copper-gold discovery within Stavely’s 100 per cent-owned Stavely Copper-Gold Project in Victoria.
The aim of this drilling is to outline high-grade, near-surface copper-gold-silver mineralisation over a significant strike length in the Cayley Lode.
This would compliment Thursday’s Gossan’s existing inferred mineral resource of 28 million tonnes at 0.4 per cent copper (gold and silver not estimated).
Diamond drill hole SMD074, located in the central Cayley Lode, returned intercepts of; 34 metres at 0.32 per cent copper from a 25-metre drill depth; 176-183.6 metres, 7.6 metres at 1.36 per cent copper 0.24g/t gold and 7g/t silver; 193-197.7 metres, 4.7 metres at 1.94 per cent copper, 0.27g/t gold and 10g/t silver; 213.0-234.3 metres, 21.3 metres at 1.31 per cent copper, 0.43g/t gold and 6g/t silver.
Potentially the most significant finding from these results is the total mineralised interval in SMD074 in the Cayley Lode being 33.6 metres at 1.41 per cent copper, 0.36g/t gold and 7g/t silver.
Previously reported diamond drill hole SMD070, located just 40 metres east of SMD074, also returned a significant shallow intercept of 19 metres at 1.48 per cent copper, 0.40g/t gold and 15g/t silver from 65 metres down-hole, including; one metre at 9.23 per cent copper, 2.67g/t gold and 125g/t silver.
“Ongoing resource drilling along the Cayley Lode continues to deliver strong copper-gold-silver mineralisation over significant widths. Importantly, the mineralisation remains open in all directions,” Executive Chairman Chris Cairns said.
Drill hole SMD073, located in the north-west part of the Cayley Lode, has previously intercepted an interval of moderate to strong sphalerite (zinc sulphide) mineralisation within pyritic massive sulphide in the Cayley Lode from 359.2 to 365.0 metres.
Latest results have shown this zone has returned; five metres at 1.67g/t gold, 27g/t silver, 2.35 per cent zinc, 0.43 per cent lead and 0.25 per cent copper from 359 metres down-hole including, 0.9 metres at 4.58g/t gold, 51g/t silver, 4.49 per cent zinc, 0.52 per cent lead and 0.42 per cent copper.
“SMD073 is a very significant drill hole as it demonstrates that the system is behaving as it should, that the mineralisation does indeed continue below the Low-Angle Structure, and that the strike extent of the mineralised system is now in excess of one kilometre and remains open in both directions along strike and down-dip,” Chris stated.
Stavely’s main focus is resource drilling in the central and south-eastern part of the prospect to generate a maiden JORC Mineral Resource by the end of 2020.
Once the near-surface potential is confirmed and similar regional targets are tested, drilling will refocus on the depth potential of high-grade copper-gold-silver mineralisation at Cayley Lode, NorthSouth Structure and the Copper Lode Splay.
Stavely is down two per cent and shares are trading for 49 cents each at 10:36 am AEST.