Stavely Minerals brings forward deep drilling, noted porphyry expert on site
Stavely Minerals (ASX: SVY) will next month begin deep porphyry drilling at its eponymous project in Western Victoria, the program being brought forward as dry weather predicted.
Apart from the weather, the company says the decision regarding the Stavely project followed an important development.
A site-based review by porphyry expert Steve Garwin of recent diamond holes has identified a revised drilling target that the company says has merit for immediate drill testing.
Less damage to paddocks with dry weather
Dr Garwin has been involved with mining projects in more than 20 countries in his 34 years in the industry.
He was also Newmont Mining’s chief geologist in Nevada and was awarded his PhD by the University of Western Australia for a study of the Batu Hijau copper-gold porphyry system in Indonesia.
Drilling at Stavely is now scheduled for July following forecast drier weather in Western Victoria, which will aid the elimination of bogged vehicles and rutting in the paddocks.
The company will be drilling at Thursday’s Gossan and at the S41 breccia prospect.
Prime tenements on volcanic belt
Stavely Minerals holds tenements on the Stavely Volcanic Belt totalling about 1,000 sq km.
The company has said previously that it had “first mover” advantage on that belt, and holds the largest and most strategic tenement holding.
Its most recent mineral resource estimate puts Stavely at 28.3 million tonnes at 0.75% copper, 0.11 grams per tonne gold and 3.5g/t silver.
That represents a contained 210,000 tonnes of copper, 100,000oz of gold, 3 million ounces of silver and 2,400 tonnes of zinc.
Mineralisation not seen before in Australia
The mineralisation at the Stavely project is Magma/Butte style copper lode system never before seen in Australia.
The company says its project has the potential to be the centre of a new copper province as it tests additional mineralised prospects.
The mineralisation is open down plunge and down dip.
Stavely Minerals intends to mine by open cut but says there is strong potential for underground mining.