Stavely Minerals Expands Thursday’s Gossan Mineralisation

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) received assay results for further diamond drill holes undertaken at the Thursday’s Gossan prospect, part of the company’s 100 per cent-owned Stavely copper-gold project in Victoria.

Stavely Minerals declared that results from holes SMD054, SMD056 and SMD058, together with indications from ongoing drilling, continue to confirm and extend the shallow high-grade copper-gold discovery at the Thursday’s Gossan prospect.

Diamond hole SMD054, located 40 metres along strike to the north-west of discovery hole SMD050, returned high-grade assay results of:

11 metres at 4.62 per cent copper, 0.57 grams per tonne gold and 25g/t silver from 86m down-hole, including 7m at 7.10 per cent copper, 0.72g/t gold and 39g/t silver from 90m down-hole, including 3m at 10.87 per cent copper, 0.67g/t gold and 52g/t silver from 92m down-hole.

Drill hole SMD054 also intercepted another overlapping interval of nickel mineralisation, returning:

5m at 1.42 per cent nickel and 0.05 per cent cobalt from 96m down-hole.

Diamond hole SMD058, located between discovery holes SMD050 and the first step-out hole SMD051, intersected a broader zone of mineralisation:

23m at 1.34 per cent copper, 0.26g/t gold and 3.5g/t silver from 68m down-hole, including 3m at 6.33 per cent copper, 0.27g/t gold and 2.9g/t silver from 88m down-hole.

Diamond hole SMD056, targeted 40m below the discovery hole SMD050, did not reach target depth due to the drill rods breaking but still intersected encouraging mineralisation, including:

8.3m at 1.65 per cent copper, 0.23g/t gold and 7.2g/t silver from 157m down-hole, including 3m at 3.75 per cent copper, 0.25g/t gold and 10.2g/t silver from 157m down-hole; and

3m at 1.68 per cent copper, 0.18g/t gold and 8g/t silver from 79m down-hole.

Stavely has observed visuals from recently completed in-fill drill holes SMD059 and SMD060, located 160m and 120m south of SMD050 respectively, that it claims indicate thick, well-developed mineralised intervals.

Assays for these holes are pending.

The company is soon to commence drilling to test 100m of strike between SMD054 and historical hole SNDD001, which if successful could confirm the discovery of a strike length of over 500m.

“We are pleased that ongoing drilling continues to intersect well-developed, high-grade copper-gold-silver mineralisation with the added bonus of some quite unusual nickel-cobalt mineralisation,” Stavely Minerals executive chairman Chris Cairns said in the company’s announcement to the Australian Securities Exchange.

“As expected, we continue to see variation in widths and grade along the strike length of the discovery, but overall the picture is continuing to build strongly.

“In terms of the down-dip continuity, we still have an incomplete picture but the early indications are extremely encouraging.

“Of particular note from our recent drilling is that the visual observation of the mineralisation in SMD059 suggests that it extends beneath the low-angle structure (LAS).

“This provides encouragement that mineralisation does extend below the LAS and the depth potential of high-grade mineralisation is therefore not constrained by this structure.

“This opens up the entire discovery – and indeed the broader area below the shallow chalcocite blanket – quite significantly and represents a tantalising proposition.”