- Stavely Minerals (SVY) reports another “outstanding” high-grade copper-gold intersection from diamond drilling at its Stavely project in Victoria
- The stellar drill hit on the project’s Cayley Lode weighed in at 10.4 metres grading 4.34 per cent copper, 3.17 grams per tonne gold and 11 g/t silver from 421.1m down-hole
- Stavely says the drilling was designed to test for deeper extensions of mineralisation in the south-eastern sector of the Cayley Lode deposit
- The company says an initial mineral resource estimate for the Cayley Lode is on track for release this quarter
- SVY shares up eight per cent to 40.5 cents
Stavely Minerals (SVY) has reported another “outstanding” high-grade copper-gold intersection from diamond drilling at its Stavely project in Victoria.
The stellar drill hit on the project’s Cayley Lode weighed in at 10.4 metres grading 4.34 per cent copper, 3.17 grams per tonne gold and 11 g/t silver from 421.1m down-hole.
It included a higher-grade interval of 4.9m at 6.74 per cent copper, 6.45 g/t gold and 19 g/t silver from 426m.
Stavely said the drilling was designed to test for deeper extensions of the mineralisation in the south-eastern sector of the Cayley Lode deposit.
The high-grade intercept in drill hole SMD182 increased the confidence in the interpreted south-easterly plunge of mineralisation, according to the company.
Stavely noted the gold grades returned were materially higher than what is typically seen in the Cayley Lode.
Further drilling would be required to determine whether the trend continued at depth.
The company said future drilling would target extensions and other opportunities at depth once an initial JORC-compliant mineral resource estimate (MRE) for the shallow part of the Cayley Lode was completed.
It said the final phase of the resource drill-out on the Cayley Lode was done and dusted and that work on the initial MRE was under way.
The MRE was due for release in the current quarter.
“We anticipate that once the initial MRE and scoping study have been released, we will map out our next steps in terms of mineral resource extensional objectives, nearby incremental resource addition opportunities, regional exploration opportunities and porphyry target opportunities at depth,” Chairman and Managing Director Chris Cairns said.
“The mineral resource extension opportunities and nearby incremental opportunities are expected to contribute to a pre-feasibility study (yet to be approved by the Board), while the regional exploration and deeper porphyry opportunities are targeting ‘step-change’ opportunities that could fundamentally change the nature and scale of the project.”
SVY shares were up eight per cent to 40.5 cents at 1:48 pm AEST.