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- Stavely Minerals (SVY) has intersected significant new assay results from ongoing drilling at the Thursday’s Gossan prospect in Victoria
- The aim of this program is to outline high-grade, near-surface copper-gold-silver mineralisation at the Cayley Lode
- Once the near-surface potential is confirmed, drilling will aim to confirm the depth potential of the lode, as well as the North-South Structure and Copper Lode Splay
- Stavely is now well on its way to deliver a maiden JORC mineral resource estimate, which is expected to be released in the second half of the year
- Stavely is down 2.82 per cent and shares are trading for 69 cents each
Stavely Minerals (SVY) has intersected significant new assay results from ongoing drilling at the Thursday’s Gossan prospect in Victoria.
The aim of this drilling is to outline high-grade, near-surface copper-gold-silver mineralisation over a significant strike length at the Cayley Lode with results aiming to complement the existing inferred mineral resource of 28 million tonnes at 0.4 per cent copper.
Once the near-surface potential is confirmed, drilling will aim to confirm the depth potential of the Cayley Lode, North-South Structure, and Copper Lode Splay.
Other targets may be identified as data from a recently completed seismic survey is currently being interpreted.
So far, significant results include; 9.7 metres at 3.1 per cent copper, 0.97g/t gold, and 26g/t silver from 271 metres, including two metres at 7.86 per cent copper, 2.09g/t gold, and 88g/t silver.
“The Cayley Lode continues to deliver consistently good widths of high-grade copper, gold and silver mineralisation,” Executive Chairman Chris Cairns commented.
“Given that we have previously intersected similar mineralisation at drill depths of more than 900 metres on the North-South Structure, we have every expectation that the Cayley Lode mineralisation will extend to similar depths and possibly beyond,” he said.
Stavely is now well on its way to deliver a maiden JORC mineral resource estimate which is expected to be released in the second half of the year.
“In addition to completing the drilling required for a maiden JORC mineral resource estimate later this year, we are also commencing various ancillary programs including metallurgical test-work, environmental monitoring and groundwater monitoring that will provide critical information to the various stages of future development studies,” Chris added.
Stavely is down 2.82 per cent and shares are trading for 69 cents each at 2:31 pm AEST.
