Join our daily newsletter At The Bell to receive exclusive market insights
- Stavely Minerals has announced the copper-gold discovery at the Thursday’s Gossan prospect is continuing to expand in several directions
- Results grading up to 43 grammes per tonne of silver, three grammes per tonne of gold and five per cent copper were found
- Three diamond drill rigs are now on-site to speed up the pace of drilling
- Stavely’s share price is down 1.54 per cent with shares trading for $1.28 apiece
Stavely Minerals’ copper-gold discovery at Thursday’s Gossan is continuing to expand in several directions.
This comes following the receipt of further assay results with indications from ongoing drilling.
This current program intends to outline high-grade, near-surface copper-gold-silver mineralisation over a significant strike extent.
Once the near-surface potential is confirmed and similar regional targets are tested, drilling will shift towards confirming the depth potential of the mineralisation on a number of mineralised structures.
Stavely has received assay results for diamond drill hole SMD053, which is located 320 metres to the southeast of discovery drill hole SMD050.
The hole intersected a narrower zone of shallow copper-gold-silver mineralisation with grades up to 1 metre at 8.42 per cent copper and 1.77g/t gold, and 1 metre at 2.91 per cent copper and 8.69g/t gold.
These results provide further evidence of the growing scale and significance of the zone of shallow structurally controlled mineralisation within the ultramafic contact fault (UCF).
While the new intercept of SMD053 is narrower than previous intercepts, it is consistent with an expectation that the mineralisation will ‘pinch and swell’ along strike as previously believed.
Visual observations of recently completed holes, SMD054 and SMD058, indicate that both of these holes encountered zones of massive to semi-massive mineralisation over significant down-hole widths.
Assay results for these holes are currently pending.
When combined with visual indications, these three holes suggest that the shallow zone of copper-gold mineralisation at the UCF represents a major exploration breakthrough for Stavely.
“We expect the rate of news flow to accelerate significantly as we hit our stride drilling at full capacity with the current complement of three drill rigs and a fourth expected later in the month,” Executive Chairman Chris Cairns said.
“Drilling will focus on both extending the known mineralisation and in-fill drilling to provide increased confidence in the continuity of mineralisation between the intercepts reported to date,” he added.
Stavely’s share price is down 1.54 per cent today with shares trading for $1.28 apiece at 12:56 pm AEDT.
