Stavely Minerals (ASX:SVY) - Executive Chairman and Managing Director, Chris Cairns
Executive Chairman and Managing Director, Chris Cairns
Source: Business News
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  • Stavely Minerals (SVY) has made its best-ever intercept at the Cayley Lode discovery at its Stavely Copper-Gold Project in Victoria
  • The 48-metre interval graded 1.39 per cent copper, 6.33 grams per tonne gold and 12 grams per tonne silver from 85 metres down-hole
  • The current focus of the drilling program is on extending the 1.5-kilometre discovery zone to the northwest
  • Four drills rigs are carrying out the resource drilling, while another two are testing for underlying porphyries identified in a seismic survey
  • Shares closed 11.4 per cent higher at 78 cents

Stavely Minerals (SVY) has made its best-ever intercept at the Cayley Lode discovery at its Stavely Copper-Gold Project in Victoria.

The discovery is located at the Thursday’s Gossan prospect, within the company’s fully owned project in the Lachlan Fold Belt.

Ongoing drilling yielded an intercept of 48 metres at 1.39 per cent copper, 6.33 grams per tonne gold and 12 grams per tonne silver from 85 metres down-hole.

The hole, SMD106, was situated roughly 80 metres to the north-west of the discovery drill hole SMD050 and was drilled as part of extensional drilling at the lode.

It follows the company’s announcement last week that drill hole SMD104 intersected 144 metres at 1.04 per cent copper, 0.15 grams per tonne gold and 3.4 grams per tonne silver from 35 metres downhole.

Executive Chairman Chris Cairns said the team is eagerly awaiting further assay results from the extensional drilling to the north-west of the deposit.

We hope to define sufficient resources for a Phase 1 open pit development and then a multi-decade Phase 2 underground.

“This is both the challenge and the opportunity in front of us and, while a solid house is built brick by brick, so too, this project is emerging as each significant drill intercept is added to the list.”

The current focus of the ongoing drilling program is on extending the shallower Cayley mineralisation to the northwest. The discovery zone has so far been defined over 1.5-kilometre.

Four drills rigs are carrying out the resource drilling, while another two are testing for underlying porphyries identified in a seismic survey.

Shares closed 11.4 per cent higher at 78 cents.

SVY by the numbers
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