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.

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.

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

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.”