Junior explorer Stavely Minerals (ASX: SVY) has reported “exceptional grades” from ongoing diamond drilling at the shallow Cayley Lode copper-gold discovery within its namesake Stavely project in western Victoria.
Grades of up to 26.8% copper, 8.48 grams per tonne gold and 201g/t silver were intersected in diamond holes targeting along-strike extensions to the north-west of the discovery with a best result of 8m at 5.12% copper, 1.48g/t gold and 34.3g/t silver from 121m down-hole, including 1m at 26.8% copper, 8.48g/t gold and 201g/t silver.
A second diamond drill hole to the south-east of the discovery returned a significant high-grade shallow intercept within a broader zone of 75m at 0.60% copper, 0.19g/t gold and 5g/t silver from 20m downhole.
Best results were 19m at 1.48% copper, 0.40g/t gold and 15g/t silver from 65m downhole, with 3.70m at 6.02% copper, 1.18g/t gold and 66.4g/t silver including 1m at 9.23% copper, 2.67g/t gold and 125g/t silver.
Another recently-completed hole intercepted a 60m interval of massive to semi-massive sulphide including variable abundances of copper sulphides.
The intercept was intruded by a number of late dacite porphyry dykes, and Stavely said it was likely to become the “broadest single intercept of massive to semi-massive sulphides drilled on the Cayley Lode to date”.
Samples will be submitted for analysis once processing and logging of the drill core is complete.
The Cayley Lode drilling campaign aims to delineate high-grade, near-surface copper-gold-silver mineralisation over a significant strike extent which would complement an existing inferred mineral resource at the Thursday’s Gossan prospect of 28 million tonnes at 0.4% copper (gold and silver not estimated).
Drilling in the mid-north western portion of Cayley Lode intercepted shallow chalcocite-enriched mineralisation including 18m at 0.43% copper, 0.35g/t gold and 12.8g/t silver from 16m downhole, including 2m at 1.21% copper, 0.27g/t gold and 26.5g/t silver.
The hole also also intercepted a base-metal mineralised interval of 2m at 1.32% copper, 0.95% lead, 1.06% zinc and 7.5g/t silver located internal to the ultramafic footwall from 107m down-hole.
Cayley Lode remains open along strike to the south-east and down-dip.
Stavely executive chairman Chris Cairns said the Cayley campaign continues to deliver strong copper-gold-silver mineralisation over significant widths.
“Widths and grades will vary as the Cayley Lode pinches and swells, but the consistency of the mineralisation is notable – particularly as we have now intersected mineralisation approximately 1km to the north-west from our southern-most mineralised intercept,” he said.
“The presence of more zinc-rich mineralisation in this hole is consistent with our Butte / Magma-style mineralisation model, which predicts that we will encounter zinc-rich mineralisation out in the distal or cooler portions of the mineral system.”
He said the company was looking forward to more thick intercepts as drilling progresses.
“There is plenty of drilling ahead of us to define the extents of this very significant lode- hosted copper-gold-silver system,” he said.
“Our immediate focus is now on an intensive resource drill-out with four rigs operating within the main mineralised zone.”