THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) reported further news from the 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 Minerals said the Thursday’s Gossan prospect is continuing to expand in several directions, which has been demonstrated by further assay results and indications from ongoing drilling.
The company has received assay results for diamond drill hole SMD053, located 320m to the south-east of discovery drill hole SMD050 that intersected a narrower zone of shallow copper-gold-silver mineralisation, returning grades of up to:
1 metre at 8.42 per cent copper and 1.77 grams per tonne gold and 1m at 2.91 per cent copper and 8.69g/t gold;
10.3m at 3.09 per cent copper, 1.69g/t gold and 22.6g/t silver from 201m down-hole, including 5m at 5.81 per cent copper, 3.2g/t gold and 43.6g/t silver from 202m down-hole; and
2m at 1.17 per cent copper, 1.23g/t gold and 4.1g/t silver from 176m down-hole.
Stavely said that when combined with the previously reported intercepts from the discovery hole SMD050, the latest assays provide further evidence of the growing scale of the zone of shallow structurally controlled mineralisation within the Ultramafic Contact Fault (UCF).
The company added that visual indications from ongoing drilling and assays from three drill holes received to date, suggest that the shallow zone of copper-gold mineralisation now being delineated at the UCF represents a major exploration breakthrough.
“We have now received assays from step-out drilling which has intersected substantial zones of high-grade copper-gold mineralisation up to 320 metres to the south-east of the discovery hole SMD050 – a fantastic result we believe can become a significant discovery at Thursday’s Gossan,” Stavely Minerals executive chairman Chris Cairns said in the company’s announcement to the Australian Securities Exchange.
“While the latest intercept for SMD053 was narrower than those reported in SMD050 and SMD051, this is not unexpected as any structurally hosted copper-gold deposit is likely to pinch and swell along strike as drilling advances.
“However, this latest intercept did host some significantly higher gold grades along with the high-grade copper results – and that is a very pleasing development.
“Additionally, the position of the high-grade copper-gold-silver mineralisation in SMD053 as internal to the serpentinised ultramafic is a target that we had not previously anticipated as hosting mineralisation, and this opens up further structural target opportunities which we will be pursuing.
“We now have three diamond drill rigs operating on-site and, while a focus on maximising drill core recovery has resulted in some down-hole equipment failures, we are confident the drill contractor is addressing the challenging drilling conditions.
“It is the classic nightmare for a driller – trying to drill through both very hard and very soft mineralised material without washing anything away.
“We are very pleased that every drill hole that successfully intercepted the target structure has returned very strong copper-gold-silver mineralisation, now defined over 360 metres in strike extent from visual observations of drill core from SMD054 to these assay results in SMD053.
“Further strong copper-gold-silver mineralisation was returned in historical drill hole SNDD001, located over 100 metres further to the north-west of SMD054.
“And the mineralisation remains open in all directions.
“We expect the rate of news flow to accelerate significantly as we hit our stride drilling at full capacity with the current complement of three drill rigs and a fourth expected later in the month.
“Drilling will focus on both extending the known mineralisation and in-fill drilling to provide increased confidence in the continuity of mineralisation between the intercepts reported to date.”