THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) update the market on progress of a diamond drill hole currently underway at the Thursday’s Gossan prospect, part of the company’s 100 per cent-owned Stavely copper-gold project, in Western Victoria.
Stavely Minerals reported the hole had encountered a second substantial zone of visual copper sulphide mineralisation including an interval containing bonanza bornite mineralisation.
Stavely previously reported an intersection from drill hole SMD044 at Thursday’s Gossan of a broad zone of copper sulphide mineralisation from 584 metres to 697m down-hole.
The new interval is from 890m to 938m and contains semi-massive and vein pyrite with bornite-chalcocite stringers and disseminations.
The latest result follows the earlier 110-metre intercept of chalcopyrite-bornite mineralisation and, based on visual inspection of the core by experienced Stavely geologists, has outdone the previous interval to be the best visual intercept returned from the project to date.
“The second, deeper zone of visual mineralisation encountered in the latest drill hole represents another exciting breakthrough for the company’s exploration team in its search for the core of the porphyry system at Thursday’s Gossan,” Stavely Minerals executive chairman Chris Cairns said in the company’s announcement to the Australian Securities Exchange.
“Hot on the heels of the 110-metre intercept of chalcopyrite-bornite copper mineralisation we announced last week, this is some outrageously good looking bornite-chalcocite copper mineralisation.
“Importantly, we are confident that this assemblage is clearly hotter and is likely proximal to the porphyry we are after.
“We believe that these two well-mineralised structures converge to the south and that will be the target for our next drill hole – which, after a small ‘wedge’ hole to get another intercept to confirm the orientation of the mineralisation, we hope to commence in early March.”