Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Stavely Minerals has reported outstanding interim results after conducting a shallow drilling program at its Thursday’s Gossan Copper Project
  • The prospect boasts estimated mineral reserves of up to 28 megatonnes, with total copper concentrations within the deposit predicted to sit around 110 kilotonnes
  • Stavely now plans to go back over previous test results to identify gold and silver deposits. The company has also honed in on a new target for priority drilling

Stavely Minerals has reported outstanding interim results after conducting a shallow drilling program at its Thursday’s Gossan Copper Project.

The company’s diamond drilling program resulted in the discovery of 14.6 metres worth of massive to semi-massive sulphides at the prospect. Visible chalcopyrite, bornite and chalcocite deposits were also amongst the materials found during the most recent phase of drilling.

The prospect also boasts estimated mineral reserves of up to 28 megatonnes, with total copper concentrations within the deposit predicted to sit around 110 kilotonnes.

Following the success of its most recent shallow drilling program, Stavely plans to go back over results from previous tests to identify gold and silver deposits. The company has also honed in on a new target for priority drilling as it continues the search for copper prospects.

Stavely’s exploration play is part of a larger shallow drilling program targeted at identifying copper, gold and silver mineralisation within the Gossan prospect’s Ultramafic Contact Fault (UCF). The new program comes as the company reviews deep drilling results following exploration at the nearby Stavely project in Western Victoria.

For now, Stavely Minerals’ main focus remains to aquire exploration projects across Australia’s east coast, with a particular interest in prospects showing potential for expansion. The company’s two flagship projects, Stavely and Ararat, boast significant copper and gold resources alongside accessory silver and zinc deposits.

The minerals update saw Stavely’s stock rise by nearly 20 per cent in value today, currently sitting at 21.5 cents after opening at A$0.18. The company’s market capital is valued at A$32.98 million.

SVY by the numbers
More From The Market Herald

" Jervois Global (ASX:JRV) sees higher costs to bring its Idaho cobalt operation to production

Jervois Global (ASX:JRV) will experience higher costs to bring its Idaho cobalt operation (ICO) in the…
The Market Herald Video

" Aeris Resources’ (ASX:AIS) Round Oak buy gets “overwhelming” shareholder approval

Aeris Resources (ASX:AIS) has received "strong support" from its shareholders at the Extraordinary General Meeting over…
The Market Herald Video

" Parkway Corporate (ASX:PWN) boosts stake in Karinga Lakes project to 40pc

Parkway Corporate (ASX:PWN) has increased its ownership of the Karinga Lakes potash project (KLPP) in the…
The Market Herald Video

" Horizon Minerals (ASX:HRZ) eyes $6m for WA projects

Emerging mid-tier gold producer Horizon Minerals (ASX:HRZ) has received firm commitments to raise $4 million via…