THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) reported results from a recent extensional diamond drilling program undertaken at the Mt Ararat VMS deposit, part of the company’s 100 per cent-owned Ararat project in Victoria.
Stavely Minerals completed two diamond drill holes at the Mt Ararat copper-gold-zinc VMS deposit, located approx. 40 kilometres of the company’s recent Cayley Lode discovery that extended the mineralisation at depth by approximately 100 metres.
SADD011 intersected mineralisation from 205.4m down-hole, including:
6.6 metres at 2.48 per cent copper, 0.38 grams per tonne gold and 0.39 per cent zinc (4.67g/t gold equivalent) (true width ~4m), including 1.1m at 6.7 per cent copper, 0.49g/t gold, 0.85 per cent zinc and 9.2g/t silver (11.99g/t AuEq) from 209m down-hole;
SADD012 intersected high-grade mineralisation from 299.9m down-hole, including:
6.1m at 3.15 per cent copper, 0.41g/t gold and 0.28 per cent zinc (5.8g/t AuEq) (true width ~4m), including 1m at 8.74 per cent copper, 1.72g/t gold, 0.77 per cent zinc and 13g/t silver (16.69g/t AuEq) from 301m.
Stavely Minerals said it anticipates progressing the Thursday’s Gossan project to the Scoping Study stage of economic studies once a maiden Mineral Resource Estimate is completed for the Cayley Lode, which is expected towards the end of calendar 2021.
The company believes that the high-grade VMS mineralisation at Mt Ararat could contribute to the future production profile.
Mt Ararat has an existing Mineral Resource estimate of 1.2 million tonnes at 2 per cent copper, 0.5g/t gold, 0.4 per cent zinc and 6g/t silver.
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