Stavely Minerals ramps up exploration at copper-gold project, reports ‘early’ encouraging results
The Stavely copper-gold project covers 115km of strike in western Victoria.
Perth-based Stavely Minerals (ASX: SVY) reports that its work at its eponymous copper-gold project in western Victoria is being effective in identifying “blind” porphyry intrusions with sulphides and veining seen in initial drilling.
The company says its recently commenced regional exploration at Stavely is the most comprehensive program undertaken there in four decades
The Stavely project encompasses 115 kilometres of strike across the Stavely, Bunnugal, Elliott, Narrapumelap and Dryden volcanic belt segments, which have been deemed highly-prospective for major porphyry discoveries.
While known prospects in the Stavely belt are partially exposed in a window of sub-crop extending over 20km of strike, the vast majority (about 95km) of the project acreage is believed to be hidden under younger cover.
Stavely geologists have so far identified and prioritised 19 regional targets for follow-up reconnaissance exploration.
‘Excellent’ visual encouragement from early diamond drilling
The company says that current diamond drilling at the Toora West porphyry prospect has encountered disseminated pyrite and quartz veins with pyrite, chalcopyrite and molybdenite mineralisation.
Drill hole 114 returned 12m at 1.43% copper and 0.23 grams per tonne gold and 7.4g/t silver from 830m, including 2m at 4.98% copper, 0.61g/t gold and 25g/t silver.
Stavely chairman and managing director Chris Cairns the drilling at Toora West has provided “excellent” visual encouragement in early work.
The alteration is not as intense as would be expected at the mineralised core.
“So we are not yet in the hotter, well-mineralised core that we are seeking, but it is very early days at this prospect,” Mr Cairns added.
“Importantly, we are delighted that the undercover targeting methodology developed by our on-site team is proving to be very effective with 80% of the regional ‘blind’ undercover tested to date.”
Samples being collected over grazing paddocks in project area
Meanwhile, aircore drilling at the S29, S41, Muirhead and Yarram Gap prospects has identified porphyry-intrusive phases.
Soil auger sampling began in October with 266 samples collected from grazing paddocks at Thursday’s Gossan, Mount Stavely, Mount Stavely East, Fairview, Pollockdale, Highway and Southern Intrusion prospects.
Another 1,000 augur samples will be collected in January after crops have been harvested.
The project is located on the Stavely Tablelands, about 250m west of Melbourne.