Stavely Minerals reveals ‘outstanding’ copper assays from Cayley Lode deposit

Stavely Minerals (ASX: SVY) has revealed “highly encouraging” high-grade assay results from initial drilling at the Cayley Lode deposit within its namesake copper-gold project in western Victoria.

The junior explorer is nearing the end of a resource definition drilling program with four rigs targeting the south-eastern extension of the deposit.

The company said it has received “outstanding” results from the first holes drilled south of the railway line prior to the Christmas break. The best assay was a 1-metre intersection grading at 16.35% copper, 0.81 grams per tonne of gold and 24g/t silver, within a 3.2m intercept at 7.08% copper, 0.46g/t gold and 11g/t silver from a 215m depth.

Another notable assay returned 5.8m at 5.38% copper, 0.77g/t gold and 23g/t silver from 198m, including 0.8m at 16% copper, 0.71g/t gold and 42g/t silver from 203m.

Stavely said it remains on track to complete its resource definition drilling campaign with Cayley Lode extensional drilling being undertaken in the next few months. This is expected to pave the way for a maiden mineral resource estimate for the Cayley Lode discovery in the second quarter of 2022.

Stavely chairman and managing director Chris Cairns said the results represent an “excellent start” to the final phase of the mineral resource definition drilling program.

“We are making good progress towards completing this program in the not-too-distant future, with the additional drill data expected to allow us to complete the maiden mineral resource estimate next quarter,” he said.

“As expected, the Cayley Lode is starting to lose intensity in some of the more recently drilled holes further to the south-east as the chalcocite-enriched blanket dog-legs into a more north-south orientation.”

“We are currently reviewing opportunities for more near-surface Cayley Lode mineralisation in this north-south orientation as it heads south from the current area of drilling,” Mr Cairns added.

Drill testing for depth potential

Mr Cairns said the company is currently drill testing some Cayley Lode positions below the low-angle structure to provide insight into the potential of the system at depth.

“We have long believed very significant given the large-scale, stepped nature of the mineralisation,” he added.

Regional exploration

Meanwhile, Stavely has resumed regional exploration including a third diamond drill hole at Toora West completed in January with assays now pending.

Air core drilling of regional targets and soil auger sampling of targets in sub-crop areas have also commenced.