- Stavely Minerals (SVY) has intercepted further broad copper-gold mineralisation at the Thursday’s Gossan prospect
- An ongoing resource drilling program is outlining shallow, high-grades in the Cayley Lode and will aim to expand Thursday’s inferred mineral resource
- This drilling has now exceeded the halfway mark and a mineral resource estimate is targeted for the second half of the year
- Once near-surface potential is confirmed and regional targets are tested, Stavely will aim to confirm the depth potential of other mineralised structures
- Stavely Minerals is up a healthy 22.1 per cent and shares are trading for 47 cents each
Stavely Minerals (SVY) has reported significant assay results from its ongoing resource drilling program at the 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.
An intensive resource drill-out is currently underway on the south-eastern end of the now 1.5 kilometre-long shallow high-grade copper-gold discovery zone. In-fill and step-out drilling is continuing based on a roughly 40 metre by 40 metre grid.
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 and to potentially expand Thursday’s Gossan’s inferred mineral resource of 28 million tonnes at 0.4 per cent copper (gold and silver not estimated).
Diamond drill hole SMD084, located at the southern end of the Mineral Resource drill grid, has intercepted a broad interval of 69 metres at 1.00 per cent copper, 0.18g/t gold and 5.4g/t silver from 132 metres, including 44 metres at 1.43 per cent copper, 0.26g/t gold and 7.3g/t silver from 157 metres, including four metres at 4.16 per cent copper, 0.61g/t gold and 23g/t silver from 197 metres.
SMD082 intersected 18.3 metres at 2.56 per cent copper, 0.16g/t gold and 9.4g/t silver from 99 metres, including 11.5 metres at 3.76 per cent copper, 0.23g/t gold and 14g/t silver from 104.5 metres.
Drilling in the southern end of the drill grid has returned very good widths and grades of copper-gold mineralisation and shows that mineralisation continues below the Low Angle Structure (LAS) in this area.
SMS007 returned overlapping gold and copper mineralised zones of 26 metres at 0.77g/t gold from 13 metres down-hole, 20 metres at 1.36 per cent copper, 0.85g/t gold and 12g/t silver from 22 metres, including 15 metres at 1.68 per cent copper, 1.09g/t gold and 14g/t silver from 24 metres.
Immediately below the shallow copper-gold mineralised zone, the hole intercepted a nickel-chrome mineralised zone with three metres at 1.46 per cent nickel and 1.21 per cent chrome from 42 metres.
“We continue to be surprised by the incredible consistency and continuity of mineralisation in the Cayley Lode, with the results reported today including significant intervals of strong copper-gold mineralisation in both the southern and central portions of the deposit,” Executive Chairman Chris Cairns said.
Despite this, two holes within the mid-northern portion of the Cayley Lode didn’t live up to the other high-grade results as they appear potentially truncated by the LAS.
“The drilling continues to reveal local variations in the widths of the mineralisation, as we expected from the outset, but generally speaking the deposit is behaving exactly as we had hoped,” Chris added.
The Cayley Lode remains open along strike both to the north-west and south-east and down dip.
Drill hole SMD086, which is currently in progress, has further confirmed the Cayley Lode continues below the LAS. This hole is being drilled at the southern end of the Mineral Resource drill grid and immediately north of the railway, but has been collared in the opposite direction.
Resource drilling is now more than 50 per cent complete and it is expected that an interim Mineral Resource estimate for the shallow portions of the Cayley Lode will be completed in the second half of 2020.
Once the near-surface potential is confirmed and some similar regional targets are tested, drilling will move to confirm the depth potential of the high-grade copper-gold-silver mineralisation on a number of mineralised structures.
Stavely Minerals is up a healthy 22.1 per cent and shares are trading for 47 cents each at 10:34 am AEST.