- Stavely Minerals (SVY) completes a “standout” initial mineral resource estimate (MRE) at the Cayley Lode deposit within the Stavely copper-gold project in Western Victoria
- The initial MRE for Cayley is 9.3 million tonnes at 1.2 per cent copper, 0.2 grams per tonne (g/t) gold and 7.1 g/t silver
- Executive Chair Chris Cairns says this initial MRE for the lode is a “significant milestone for the company
- SVY shares drop 11 per cent to trade at 32.5 cents per share at 10:30 am AEST
Stavely Minerals (SVY) has completed a “standout” initial mineral resource estimate (MRE) at the Cayley Lode deposit within the Stavely copper-gold project in Western Victoria.
The initial MRE for Cayley is 9.3 million tonnes at 1.2 per cent copper, 0.2 grams per tonne (g/t) gold and 7.1 g/t silver.
According to Stavely, 73 per cent of the contained copper at the Cayley Lode is in the open pit optimisation in the higher-confidence indicated category.
The underground part of the lode is all in the inferred category at 1.7 million tonnes at 1.8 per cent copper, 0.2 g/t gold and 6 g/t silver. Further drilling is needed to upgrade and expand.
Stavely said the initial MRE included a two-and-half-year resource drill-out at the Cayley Lode.
Executive Chair Chris Cairns said this initial MRE for the lode is a “significant milestone for the company.”
“The team on-site has done an outstanding job, under difficult circumstances, with high-quality technical work underpinning this very robust initial MRE for the Cayley Lode,” he said.
“I believe this amazing copper deposit has significant potential to be developed and could support a 20-year plus operation. We have a significant amount of work to do to demonstrate that potential, but this initial MRE places a flag in the ground as a first look for the investing public as to what this project may become.”
Mr Cairns said the project has the potential to provide 200-300 long-term jobs for the community in Western Victoria.
On the market, SVY shares dropped 11 per cent to trade at 32.5 cents per share at 10:30 am AEST.