Stavely Minerals makes high-grade copper-gold hits at namesake project
Stavely Minerals is now in the final phase of its resource definition drilling program with a maiden resource estimate expected in the second quarter.
A series of “outstanding” high-grade hits at Stavely Minerals’ (ASX: SVY) namesake copper-gold project in western Victoria have paved the way for an initial mineral resource this quarter.
Intervals grading up to 7.17% copper, 30.6 grams per tonne gold and 52g/t silver at the project’s Cayley Lode were returned from a diamond drilling program designed to test the south-easterly plunge of mineralisation below the low angle structure.
They included the deepest intercepts seen to date at the prospect.
Best results were 10.40m at 4.34% copper, 3.17g/t gold and 11g/t silver from 421.1m down hole, including 4.9m at 6.74% copper, 6.45g/t gold and 19g/t silver from 426m, including 0.9m at 7.17% copper, 30.06g/t gold and 52g/t silver from 430m; and 14m at 1.24% copper, 0.72g/t gold and 8.2g/t silver from 503m down hole, including 2m at 3.56% copper, 3.33g/t gold and 25g/t silver from 515m.
The gold grades are reported to be materially higher than usually seen at Cayley Lode and further drilling will be needed to determine if the trend continues with depth.
Stavely has now begun calculating an initial mineral resource estimate at its namesake project, which is due for release this quarter.
Further confidence
Managing director Chris Cairns said the latest results from Cayley Lode provide further confidence in the prospect’s interpreted south-easterly plunge and the existence of “very high-grade mineralisation” to depths, which may be available for potential future underground development.
“Once the initial resource estimate and scoping study have been released, we will map out our next steps in terms of resource extension and nearby incremental additions including regional exploration and porphyry target opportunities at depth,” he said.
“These are expected to contribute to a pre-feasibility study and “step-change” opportunities which could fundamentally change the nature and scale of the project.”
Longest down hole zone
Last month, Stavely reported initial “extreme high grade” intersections from the same drilling program at Cayley Lode including 92.1m of sulphide mineralisation.
Expedited assays from this returned several higher-grade intervals with peak results of 19.65% copper, 8.29g/t gold and 1,225g/t silver.
It was believed to be the longest down hole mineralised zone recorded at the prospect.
“If follow-up drilling is able to confirm the continuity of these widths of mineralisation, there is significant capacity for these intersections to contribute material additions to our upcoming mineral resource estimate,” Mr Cairns said.