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- Stavely Minerals (SVY) has received results from aircore drilling at the Toora West porphyry prospect in Victoria
- Earlier this year, Stavely drilled 32 holes which confirmed the presence of copper and molybdenum sulphide mineralisation
- After making these observations, the company drilled another 18 holes with assays pending
- Depending on the results received, Stavely plans to conduct follow-up diamond drilling to test Toora West’s potential for a significant porphyry discovery
- Company shares are down 5.19 per cent and are trading at 64 cents
Stavely Minerals (SVY) has received results from first-pass aircore drilling at the Toora West porphyry prospect in Victoria.
Toora West is located about 15 kilometres northwest of the Cayley Lode discovery at the Thursday’s Gossan prospect which is part of Stavely’s namesake copper-gold project.
Stavely drilled 32 holes earlier this year which confirmed the presence of copper and molybdenum sulphide mineralisation.
Assays include one metre at 0.15 per cent copper from 58 metres and three metres at 0.34 per cent copper from 64 metres including one metre at 0.61 per cent copper and 2.46g/t silver from 64 metres, three metres at 0.17 per cent copper from 35 metres including one metre at 0.32 per cent copper from 35 metres and one metre at 0.14 per cent copper from 45 metres.
“We are very excited to see clear indications of a second emerging discovery in the Stavely Volcanic Arc,” Executive Chairman Chris Cairns said.
“While the shallow mineral resource definition drill program at Thursday’s
Gossan is at an advanced stage, a new early-stage discovery at Toora West would confirm the prospectivity of the entire Stavely Volcanic Arc for further discoveries, further leveraging our dominant, first-mover position in this under-explored district,” he added.
Since the aircore drilling program wrapped up, Stavely drilled another 18 holes to follow-up on the visual observations. However, assays are pending.
Once the company receives the follow-up assays, Stavely will conduct more diamond drilling.
According to the company, if the follow-up diamond drilling confirms today’s discoveries, the Toora West prospect represents a significant porphyry discovery.
Company shares are down 5.19 per cent and are trading at 64 cents at 10:17 am AEST.
