THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) set the boards of the ASX alight by confirming its shallow high-grade copper-gold discovery at the Thursday’s Gossan prospect, part of the company’s 100 per cent-owned Stavely copper-gold project in Victoria.
Stavely had previously set the gold bulls running with the release of results it achieved from diamond hole SMD050 the company had drilled targeting high-grade structurally controlled copper-gold-silver mineralisation within the Ultramafic Contact Fault (UCF).
To recap – diamond hole SMD050 intersected:
32 metres at 5.88 per cent copper, 1 gram per tonne gold and 58g/t silver from 62m down-hole, including 12m at 14.3 per cent copper, 2.26g/t gold and 145g/t silver, including 2m at 40 per cent copper, 3g/t gold and 517g/t silver; and
4.4m at 3.98 per cent nickel and 0.23 per cent cobalt from 96.7m drill depth.
Stavely Minerals has now received results for a second diamond drill hole, SMD051, that also targeted shallow structurally controlled mineralisation within the Ultramafic Contact Fault (UCF).
SMD051 was carried out 160m to the south-east of discovery drill hole SMD050 and intersected a thick zone of shallow copper-gold-silver mineralisation, producing stunning grades of up to one metre at 19.3 per cent copper in a second zone of mineralisation.
59m at 1.8 per cent copper, 0.43g/t gold and 15.4g/t silver from 98m down-hole, including 8.5m at 4.38 per cent copper, 0.87g/t gold and 32.7g/t silver from 106.6m; and
3m at 5.66 per cent copper, 0.29g/t gold and 4.6g/t silver from 134m.
The hole encountered a second very high-grade intercept of:
8m at 9.69 per cent copper, 0.4g/t gold and 16.8g/t silver from 177m drill depth, including 2m at 17.3 per cent copper, 0.57g/t gold and 13.1g/t silver from 179m.
Stavely said visual observations of drill core from the second and third step-out holes SMD052 and SMD053, each located a further 80m to the south-east respectively, indicate that both of these holes encountered zones of massive to semi-massive mineralisation over narrower down-hole widths.
Assays for these holes are pending.
“The recognition that we should be using a Magma/Butte high-grade structurally-controlled mineralisation model for our exploration drill targeting has now been rewarded with spectacular success in the first two diamond holes drilled to evaluate a shallow 500 metre long target at the Ultramafic Contact Fault,” Stavely Minerals executive chairman Chris Cairns said in the company’s announcement to the Australian Securities Exchange.
“In conjunction with the narrower intercepts in SMD052 and SMD053, each drilled 80 metres further along strike to the south-east, we believe this change in the thickness and grades of mineralisation reflects a natural pinching and swelling of the structural zone which will produce inherent variations along strike and down-dip.
“As we accelerate drilling along this fertile structure, we expect to see further examples of this natural variance in grade and thickness.
“However, we should also pause to reflect that we have only just commenced drilling of this exceptionally exciting shallow target, so we are optimistic that we will be able to generate further outstanding results as drilling accelerates.
“We are now drilling some closer-spaced holes to the original intercept in SMD050 to understand any secondary structural controls on the very high-grade copper-gold-silver mineralisation while awaiting assay results from SMD052 and SMD053, which will then inform the next steps for drilling.
“This new Magma / Butte model has significantly expanded our ‘search space’ and a number of previous shallow historical air-core and RC intercepts of massive sulphides are clearly much more significant than previously thought and are now considered to be high-priority targets for diamond drill testing.
“A second diamond rig arrives on site today to increase our drilling capacity, and we would hope to have a third drill rig deployed quite soon to begin testing similar regional targets in the not too distant future.”