Stavely Minerals Extends High-Grade Cayley Lode

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) reported new results from ongoing resource drilling underway at the high-grade Cayley Lode discovery at the Thursday’s Gossan prospect, part of the company’s 100 per cent-owned Stavely copper-gold project in Victoria.

Stavely Minerals is carrying out an intensive resource drill-out focused on extending the deposit to the north-west within the (now) overall 1.5 kilometres-long discovery zone, with in-fill and step-out drilling continuing.

Drill hole SMD121 has extended the Cayley Lode copper-gold-silver mineralisation a further 150m to the north-west of the 48 metres at 1.39 per cent copper intercept the company previously reported from drill hole SMD106.

SMD121
73 metres at 0.64 per cent copper, 0.7g/t gold and 6.8g/t silver from 104m down-hole, including 1.6m at 1.72 per cent copper, 20.47g/t gold and 30g/t silver from 110.4m; and

27m at 1.04 per cent copper, 0.46g/t gold and 11g/t silver from 150m, including 7m at 2.56 per cent copper, 1g/t gold and 19g/t silver from 170m.

Stavely declared SMD121 has confirmed the presence of a broad zone of copper-gold-silver mineralisation including narrower zones of high-grade copper with very high-grade gold.

Additional holes in the north-western sector have returned significant results, including areas of gold-rich mineralisation, confirming the wider distribution of this style of mineralisation in this part of the deposit.

SMD110
9m at 2.34 per cent copper, 0.56 grams per tonne gold and 12g/t silver from 97m down-hole, including 3m at 4.5 per cent copper, 0.87g/t gold and 17g/t silver from 102m

SMD111
35m at 0.46 per cent copper, 0.92g/t gold and 9.4g/t silver from 131m down-hole, including 17m at 0.42 per cent copper, 1.34g/t gold and 10g/t silver from 131m, and ▪ 2m at 2.85 per cent copper, 2.25g/t gold and 45g/t silver in a basal intercept from 164m

“Our recent drilling is continuing to extend the Cayley Lode to the north-west with another strong set of results in SMD121 extending the high-grade copper-gold-silver mineralisation a further 150 metres along strike,” Stavely Minerals executive chairman Chris Cairns said in the company’s ASX announcement.

“As well, visual indications from holes SMD134 and SMD135 currently in-progress – located a further 225 metres along strike to the north-west – takes the strike extent of the drill-defined Mineral Resource drilling grid to approximately 850 metres from hole SMD109 to SMD135.

“Importantly, the mineralisation remains open along strike both to the north-west and southeast and down-dip.

“Our expectation is that the Mineral Resource area will ultimately extend over a strike extent of more than one kilometre and that the lateral extent will eventually match the vertical extent, we have seen with mineralisation intersected in the north-south structure (NSS) in SMD045 at around 1,150 metres drill depth.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@stavely.com.au

 

Web: www.stavely.com.au