THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) reported new assay results from ongoing diamond drilling at 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 recently named this shallow copper-gold discovery on the Ultramafic Contact Fault the Cayley Lode, after Geological Survey of Victoria senior geologist Ross Cayley.
“We have renamed the mineralisation on the Ultramafic Contact Fault as the ‘Cayley Lode’ in recognition of the attributes that Geological Survey of Victoria Senior Geologist Ross Cayley personifies – a passion for geology, dogged persistence, and technical excellence,” Stavley Minerals executive chairman Chris Cairns said in the company’s announcement to the Australian Securities Exchange.
“It was Ross and his colleagues, including David Taylor, who played leading roles in a collaborative effort between the Geological Survey of Victoria and Geoscience Australia that produced some ground-breaking interpretive work on the Stavely Arc and the evolution of eastern Australia.”
Stavely currently has an intensive resource drill-out underway on this approx. one-kilometre-long discovery zone.
Diamond drill hole SMD064, located some 20 metres to the north-west of discovery drill hole SMD050 returned a high-grade intercept of:
8 metres at 5.12 per cent copper, 1.48 grams per tonne gold and 34.3g/t silver from 121m down-hole, including 1m at 26.8 per cent copper, 8.48g/t gold and 201g/t silver.
SMD064 is the only hole completed to date on this section, which Stavely has interpreted to have intercepted a north-plunging high-grade shoot with the intercept being of similar grade and tenor to that intercepted by the discovery hole.
Diamond drill hole SMD070, located around 200m south-east of the discovery hole SMD050, also returned a shallow intercept within a broader zone of 75m at 0.6 per cent copper, 0.19g/t gold and 5g/t silver from 20m drill depth of 19m at 1.48 per cent copper, 0.4g/t gold and 15g/t silver from 65m down-hole, including 1m at 9.23 per cent copper, 2.67g/t gold and 125g/t silver.
Drill hole SMD074 was drilled approx. 40m behind SMD070, intercepting an approximately 60m interval of massive to semi-massive sulphide including variable abundances of copper sulphides.
“Ongoing drilling along the newly-named Cayley Lode continues to deliver strong copper-gold-silver mineralisation over significant widths, including a number of narrower high-grade intervals at shallow depths in SMD064 and SMD070, located respectively to the north-west and south-east along strike from the discovery hole,” Cairns explained.
“As we’ve noted previously, widths and grades will vary as the Cayley Lode pinches and swells, but the consistency of the mineralisation is notable – particularly as we have now intersected mineralisation in drill hole SMD073, approximately one kilometre to the north-west from our southern-most mineralised intercept.
“The presence of more zinc-rich mineralisation in this hole is consistent with our Butte / Magma-style mineralisation model, which predicts that we will encounter zinc-rich mineralisation out in the distal / cooler portions of the mineral system.
“SMD073 is a very significant drill hole as it demonstrates that the system is behaving as it should, that mineralisation does indeed continue below the Low-Angle Structure, and that the strike extent of the mineralised system is now in-excess of one kilometre and open to the south-east and down-dip.
“Meanwhile, drill hole SMD074, some 200 metres south-east of the discovery hole, appears to have intercepted the broadest interval of massive to semi-massive sulphides on the Cayley Lode to date.
“While the mineralisation will continue to exhibit significant variation in both width and grade, we are confident that it will yield many more impressive thick intercepts such as this as drilling progresses on the Cayley Lode and other known mineralised structures in the Copper-Lode Splay and the North-South Structure.
“There is plenty of drilling ahead of us to define the extents of this very significant lode-hosted copper-gold-silver system, with our immediate focus now on an intensive resource drill-out with four rigs operating within the main mineralised zone.”