Stavely Minerals Claims New Porphyry Discovery at Toora West

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) reported highly encouraging first-pass air-core drilling results from the Toora West porphyry prospect, part of the company’s 100 per cent-owned Stavely copper-gold project in Victoria.

Toora West is located approximately 15 kilometres north-west of Satvely Minerals’ Cayley Lode discovery at the Thursday’s Gossan prospect, where a major resource drill-out is continuing.

Results from the Toora West drilling include:

1 metre at 0.15 per cent copper from 58m down-hole and 3m at 0.34 per cent copper from 64m, including 1m at 0.61 per cent copper and 2.46 grams per tonne silver from 64m;

3m at 0.17 per cent copper from 35m down-hole, including 1m at 0.32 per cent copper from 35m and 1m at 0.14 per cent copper from 45m; and

3m at 0.11 per cent copper from 39m down-hole and 1m at 0.18 per cent copper from 50m to the end-of-hole.

Stavely Minerals executive chairman Chris Cairns explained the latest results in great detail in the company’s ASX announcement.

“We are very excited to see clear indications of a second emerging discovery in the Stavely Volcanic Arc,” Cairns said.

“While the shallow Mineral Resource definition drill program at Thursday’s Gossan is at an advanced stage, a new early-stage discovery at Toora West would confirm the prospectivity of the entire Stavely Volcanic Arc for further discoveries, further leveraging our dominant, first-mover position in this under-explored district.

“As the natural progression from intensive drill-out to more engineering and metallurgically-based economic studies at Thursday’s Gossan plays out, the focus of our geology team will shift to testing regional targets.

“Given the lack of systematic exploration in the Stavely Volcanic Arc, we simply do not know if Thursday’s Gossan is the best opportunity out there or whether it was the easiest to identify given that it sits in a ‘window’ of no cover while the rest of the Stavely Belt – including the Stavely Belt-equivalent Narrapumelap Belt and the Elliot Belt in our EL006870 – are largely unexplored under shallow cover.

“We recently contracted CGG Geophysics to fly a gravity gradiometer survey and those data, in conjunction with high-resolution magnetics data collected concurrently, will provide a proprietary baseline dataset to guide exploration in the district for many years to come.

“Despite having worked in this part of western Victoria for the past seven years, I can’t help but feel that we may be in the early part of this discovery journey in an emerging copper province in a first-world jurisdiction, just at a time when the world requires a secure and increasing supply of copper to underpin the transition to a low-carbon future.

“Additionally, and this may have fallen off the radar of many investors, Stavely Minerals also owns the Mt Ararat VMS deposit which contains a resource of 1.3 million tonnes at two per cent copper, 0.5 grams per tonne gold, six grams per tonne silver and 0.4 per cent zinc (as detailed in Stavely Minerals’ 2020 Annual Report).

“We have recently drilled two deeper diamond drill holes under the existing resource at this deposit and we plan to drill a further two deep diamond drill holes another 100 metres below the recent holes.

“A revised Mineral Resource Estimate for Mt Ararat is likely to highlight the opportunity for an additional satellite source of copper-gold-silver and zinc mineralisation which could be included in economic studies for the development of Thursday’s Gossan.

“With a potential emerging discovery at Toora West, the question now becomes will there be three sources of copper mineralisation for a potential development, or will there be even more copper deposits identified with further exploration of our dominant tenure position?

“I’d be happy to take a bet that there will be.”