THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) released technical information, which it claims provides strong independent support for potential of a world-class porphyry copper-gold deposit at the company’s 100 per cent-owned Stavely copper project in western Victoria.
Stavely Minerals has recently completed RC and diamond drilling it says has not only produced impressive copper-gold assays, but has also provided further strong indications for a potential discovery.
The company said technical data collected from recent drilling at the Thursday’s Gossan porphyry copper-gold prospect has surpassed previously released copper and gold grades, leading the company to consider it may have a reasonable copper-gold discovery opportunity.
Results of recent drilling have been interpreted to be structurally controlled ‘leakage’ from a mineralised alkalic copper-gold porphyry at depth.
Independent datasets have highlighted a copper-gold porphyry target zone located beneath recent drilling.
These include: Short-wavelength absorption features for white micas highlight the shortest wavelengths in the hangingwall to the ‘leakage’ structure, indicating proximity to a porphyry source; and the occurrence of ‘acid-sulphate’ alteration minerals, including pyrophyllite and alunite together with observed vuggy silica textures the company considers characteristic of a high-level position in the mineralised system for the drilling to date.
“We have now amassed a significant body of independent technical work – augmented by independent technical experts who are individual leaders in the field of porphyry exploration – which provides strong support for the discovery potential and the targeting approach we have adopted at Thursday’s Gossan,” Stavely Minerals managing director Chris Cairns said in the company’s announcement to the Australian Securities Exchange.
“We hope that by providing open access to the underlying experts’ reports and providing a downloadable 3D model with various switchable layers that can be interrogated and rotated, we can better share the reasons why we are so excited about the discovery opportunity ahead of us.
“To put it simply, we want everyone to be able to see what we are seeing.”
Stavely Minerals already has the next phase of follow-up diamond drilling at Thursday’s Gossan underway, with the first hole completed and the second in-progress.
The company has a total of up to eight holes planned as part of the current program, with drilling set to continue for the next few months.