Stavely Minerals (ASX: SVY) has reported multiple intercepts of visual copper mineralisation from recent aircore drilling at its Junction prospect in Victoria.
Intercepts from the 20-hole program contained several occurrences of visual copper oxide minerals (azurite and malachite) and copper sulphides (chalcopyrite, covellite and chalcocite).
Drilling and rock-chip samples have been received by the laboratory and assays are expected before month end, at which point Stavely will embark on a deeper diamond drilling campaign to test the depth extent of Junction’s well-defined copper mineralisation.
Common intervals
In near-surface intercepts, the company observed common intervals of azurite and malachite copper oxides and secondary chalcocite coatings on fracture surfaces.
Deeper intercepts were characterised by early quartz-pyrite and later chalcopyrite with distinctive covellite coatings.
In some cases, Stavely said it appeared the later copper sulphides of chalcopyrite and covellite utilise re-activated structural positions to occur alongside the quartz-pyrite, while in other instances chalcopyrite and covellite occurred without quartz-pyrite.
Historical exploration
The latest round of drilling aimed to resolve results from historic work at Junction that failed to confirm a consistent structural orientation for the mineralisation.
Significant intercepts from past drilling included 35 metres at 3.44% copper and 26 grams per tonne silver from 24m, 11m at 1.72% copper and 26g/t silver from 33m and 6m at 2.15% copper and 8g/t silver from 2m.
Given the spatial distribution of the historical intercepts and the presence of multiple intercepts in a number of historic holes, Stavely believes there may be a number of mineralised structures within the larger zone.
Junction is located approximately 2 kilometres south of the high-grade Cayley Lode deposit that hosts a mineral resource estimate of 9.3 million tonnes at 1.23% copper, 0.23g/t gold and 7g/t silver.
Get the wire before the market opens.
The ASX small-cap stories that matter, filed before 9am AEST. Curated by the Small Caps desk.