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Stavely Minerals (ASX:SVY) encouraged by exploration at namesake project

ASX News, Mining
ASX:SVY      MCAP $10.69M
02 December 2021 14:31 (AEST)

Drill rig at the Stavely project. Source: Stavely Minerals

Stavely Minerals (SVY) has recently launched a regional exploration program at its namesake project in Victoria.

The Stavely Project extends for around 115 kilometres of strike along the Stavely, Bunnugal, Elliot, Narrapumelap and Dryden volcanic belt segments which are considered prospective for major porphyry discoveries.

This program follows a regional prospect review which identified 19 exploration targets that have all been prioritised for follow-up reconnaissance exploration.

Stavely is currently undertaking diamond drilling at the Toora West porphyry prospect which has reportedly encountered porphyritic host units with disseminated pyrite and quartz veins with pyrite, chalcopyrite and molybdenite mineralisation.

Managing Director and Chair Chris Cairns commented on these initial observations.

“The observed alteration is not as intense as would be expected in the potassic core and would be characterised as phyllic to inner-propylitic – so we are not yet in the hotter, well-mineralised core that we are seeking, but it is very early days at this prospect,” he said.

Further, aircore drilling across four prospects within the Stavely project identified porphyry and intrusive phases associated with quartz veining and sulphide mineralisation.

In addition to drilling these targets, the company has recommenced resource drilling, which is targeting the southeastern extension of the Cayley Lode deposit. This drilling will support a maiden mineral resource estimate (MRE) for the Cayley Lode deposit in the June 2022 quarter ahead of a scoping study.

“With a maiden MRE and scoping study for the Cayley Lode deposit due in Q2 next year, and results beginning to flow from our major regional exploration push, the next six months is shaping up to be a very exciting period for the company,” Mr Cairns said.

Company shares were trading steady at 50 cents at 1:49 pm AEDT.

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