Stavely Minerals confirms deposit in The Bank

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) has received encouraging assay results from the first two of five diamond drill holes completed at The Bank breccia prospect, situated within the company’s 100 per cent-owned Ravenswood gold project in north-east Queensland.

The results were from copper-moly-silver sulphide mineralisation intercepted in drill hole SRD002 within a broad interval of 22.8 metres at 0.6 per cent copper.

Higher grade intervals encountered included:

12.4m at 0.95 per cent copper, 120ppm molybdenum and 8 grams per tonne silver, including 6.05m at 1.31 per cent copper, 100ppm molybdenum and 12.4g/t silver.

Stavely has interpreted The Bank breccia to be a sub-volcanic breccia pipe formed by deep-seated explosive fracturing of a column of rock above a porphyry intrusive.

From this interpretation, the company considers it likely the observed strong copper-moly-silver mineralisation could persist to depth and that there may be opportunity to target higher grade and more extensive mineralisation closer to the porphyry source at depth.

“Encouraging zones of vein-hosted and breccia-hosted quartz-carbonate-sulphide mineralisation have been intersected in all holes completed to date with geological observations of the surrounding host rock sequence providing strong support for the geological model for The Bank breccia,” Stavely Minerals said inits ASX announcement.

“As previously observed, the very large mineralised hydrothermal system at The Bank breccia is now confirmed as a copper-moly-silver system and is likely of Siluro-Devonian age.

“Assay results from the remaining three diamond drill holes at The Bank breccia are expected within the next few weeks.”

Email: info@stavely.com.au

Website: www.stavely.com.au