Stavely Minerals reports ‘surprise’ gold results at Toora West
The Stavely copper-gold project covers 115km of strike in western Victoria.
Early exploration at Stavely Minerals’ (ASX: SVY) Toora West copper-molybdenum prospect has “surprised” the company with high-grade gold results.
Toora West is part of the company’s Stavely copper-gold project in western Victoria.
Diamond drill hole STWD005 intersected two gold zones, with the first over 0.6m grading 4.27 grams per tonne gold, 0.31% copper, 2.6g/t silver and 130 parts per million molybdenum from 274m down hole.
The second intercept, also over 0.6m, assayed 8.72g/t gold, 1.85% copper, 5.2g/t silver and 151ppm molybdenum.
Stavely says the gold results appear to be associated with copper sulphide mineralisation.
‘Compelling’ target to be tested by drilling as soon as possible
Hole 006, the northernmost drill hole, intercepted 27m at 0.15% copper.
In Hole 007, there were five separate mineralised zones: 16m at 16g/silver; 27m at 0.14% copper; 2m at 0.24% copper, 0.19g/t gold, 1.8g/t silver and 103ppm molybdenum, with a fourth zone returning 1m at 0.19% molybdenum.
The lowest zone, intercepted at 495m down hole, assayed 1m at 0.13% molybdenum.
“This represents a compelling porphyry target that will be tested with diamond drilling at the earliest opportunity,” the company added.
Success with finding targets under cover
Chair and managing director Chris Cairns said that while Toora West is at an early stage of reconnaissance exploration, he is excited by what drilling and geophysics have revealed.
“It is a real positive that our regional targeting methodology has been so successful in identifying ‘blind’ targets under basalt and transported cover with a success rate of around 80% to date.”
The shallowest of these latest results saw mineralisation at 52m down hole.
“This suggests that we are not looking at a porphyry target that is a kilometre depth; it is likely much closer to surface,” Mr Cairns added.
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.
In December, the company reported that diamond drilling at the Toora West porphyry prospect had encountered disseminated pyrite and quartz veins with pyrite, chalcopyrite and molybdenite mineralisation.
Deep diamond drill Hole 114 returned 12m at 1.43% copper and 0.23g/t gold and 7.4g/t silver from 830m, including 2m at 4.98% copper, 0.61g/t gold and 25g/t silver.