Join our daily newsletter At The Bell to receive exclusive market insights
- Stavely Minerals (SVY) has received significant new silver assay results from drilling at the Stavely Copper-Gold Project in Victoria
- High grades of copper, gold and silver were intersected in multiple holes
- Meanwhile, silver grading more than 201 grammes per tonne was also discovered
- The company is now focusing on the Mathinna Gold Mine in Tasmania, where drilling has just been completed
- Results from this program are pending and will be reported when all activities are finished
- Stavely’s share price is up a steady 13.4 per cent today, with shares currently trading for 76 cents apiece
Stavely Minerals (SVY) has received significant new assay results from ongoing diamond drilling at the Stavely Copper-Gold Project in Victoria.
An intensive resource drill-out is currently underway on the one kilometre long Cayley Lode discovery zone. In-fill and step-out drilling is based on a 40 square metre drilling grid.
The goal of this current program is to outline high-grade, near-surface copper-gold-silver mineralisation over a significant strike extent in the Cayley Lode.
If outlined, this would complement the existing inferred mineral resource of 28 million tonnes at 0.4 per cent copper.
Once the near-surface potential is confirmed and regional targets are tested, drilling will shift towards confirming the depth potential of the high-grade copper-gold-silver mineralisation on a number of structures.
“There is plenty of drilling ahead of us to define the extents of this very significant lode-hosted copper-gold-silver system, with our immediate focus now on an intensive resource drill-out,” Executive Chairman Chris Cairns said.
Diamond drill hole SMD064 returned a high-grade intercept of eight metres at 5.12 per cent copper, 1.48g/t gold and 34.g/t silver from 121 metres down-hole, including one metre at 26.8 per cent copper, 8.48g/t gold and 201g/t silver.
This hole is the only hole completed to date within this section and further drilling is planned in the near future.
Diamond drill hole SMD070 also returned a significant shallow intercept within a broader zone of 75 metres at 0.60 per cent copper, 0.19g/t gold and 5g/t silver from a 20-metre drill depth.
This hole also returned up to 9.23 per cent copper, 2.67g/t gold and 125g/t silver.
“Ongoing drilling along the newly-named Cayley Lode continues to deliver strong copper-gold-silver mineralisation over significant widths, including a number of narrower high-grade intervals at shallow depths in SMD064 and SMD070,” Chris commented.
“SMD073 is a very significant drill hole as it demonstrates that the system is behaving as it should, and that the strike extent of the mineralised system is now in excess of one kilometre and open to the south-east and down-dip,” he added.
Located in the far northwest portion of Cayley Lode, hole SMD073 intercepted an interval of moderate to strong zinc sulphide mineralisation from 359.2 metres to 365 metres.
Meanwhile, a seven-hole drilling campaign has been completed at the Mathinna Gold Mine in Tasmania by Stavely’s subsidiary, Stavely Tasmania.
Assay results are pending and will be reported once all results have been received.
In mid-morning trade, Stavely’s share price is up a steady 13.4 per cent and shares are trading for 76 cents apiece at 11:34 am AEDT.
