Stavely Minerals (ASX:SVY) - Managing Director, Chris Cairns
Managing Director, Chris Cairns
Source: Sydney Mining Club
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Stavely Minerals (SVY) has received more exciting results from resource definition drilling at the Cayley Lode discovery
  • Cayley Lode is located at the Thursday’s Gossan prospect and part of Stavely’s namesake project in Victoria
  • Drilling is aimed at extending the 1.5-kilometre-long Cayley Lode discovery to the northwest
  • Latest assays peaked at 3.57 per cent copper, 1.17g/t gold and 25g/t silver
  • Stavely will continue drilling in the new year which will continue extending the Cayley Lode mineralisation to the northwest and then the southeast
  • Stavely is down 6.9 per cent and trading at 81 cents

Stavely Minerals (SVY) is progressing resource definition drilling at Cayley Lode at the Thursday’s Gossan prospect, which is part of Stavely’s namesake project in Victoria.

The mineral resource drilling program is aimed at uncovering high-grade, near-surface copper-gold-silver mineralisation over a significant strike extent in the Cayley Lode. This would complement Thursday’s Gossan’s existing inferred mineral resource of 28 million tonnes at 0.4 per cent copper.

The company is focused on extending the Cayley Lode discovery zone, which now spans 1.5 kilometres, to the northwest. However, it plans to begin extending the mineral resource definition drilling to the southeast early next year.

Pleasingly, new results have been received from hole SMD108 which include 21.7 metres at 2.06 per cent copper, 0.53g/t gold and 17g/t silver from 150.9 metres downhole, including 6.3 metres at 3.57 per cent copper, 1.17 gold and 25g/t silver from 164.9 metres.

While the company is highly pleased with these results, the SMD108 section needs at least one more hole to define the mineralisation below surface for the initial mineral resource estimate.

Additionally, drill hole SMD100 intersected strong mineralisation below the Low-Angle Structure (LAS) including 8.8 metres at 1.57 per cent copper, 0.24g/t gold and 4.5g/t silver from 332.2 metres downhole.

“The current crop of drill results outlined in this release are from the central portion of the Mineral Resource definition area and continue to add to the body of results in that sector,” Executive Chairman Chris Cairns said.

“This year has been fantastic but next year is when we begin to test the real long-term potential of the very large mineralised system at Thursday’s Gossan as well as additional targets in the region. We are looking forward to an exciting journey!” Chris said.

Stavely will continue drilling in the new year which will continue extending the Cayley Lode mineralisation to the northwest and then the southeast.

Stavely is down 6.9 per cent and trading at 81 cents at 11:27 am AEDT.

SVY by the numbers
More From The Market Online
The Market Online Video

Triton Minerals (ASX:TON) executes material transaction for Ancuabe Graphite Project, Mozambique

Keely Lynch:

It’s hard to imagine a world without a mining company called Anglo American

Growing up in South Africa it seemed inconceivable that Anglo American, a mining colossus at its zenith…

Matador snaffles high grade copper play in Newfoundland

Matador Mining is set to add a high-grade copper play in the Canadian province of Newfoundland…

Provident Aurum’s off-market bid sends Sihayo shares soaring

Small-cap mineral and gold explorer, Sihayo Gold (ASX:SIH) shares have soared, on news that the company…