Stavely Minerals hits high-grade gold and copper at Ararat

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) articulated it had been encouraged by assay results it has received from a recent diamond drilling program completed at the company’s 100 per cent-owned Ararat project in western Victoria.

The company said the results included high-grade gold intercepts as well as some impressive zones of VMS copper mineralisation.

Drilling at the White Lead gold prospect encountered intercepts including:

2 metres at 6.43 grams per tonne gold, including 1m at 11.3g/t gold and

2m at 1.04g/t gold.

Drilling at the Mt Ararat VMS deposit included:

2m at 4.25 per cent copper and 1.15 per cent zinc, including 1m at 5.91 per cent copper and 1.3 per cent zinc; and

3m at 1.77 per cent copper and 0.59 per cent zinc, including 1m at 4.45 per cent copper and 0.66 per cent zinc.

Stavely said the drilling has advanced the geological understanding of the Ararat project.

The company highlighted the results of the three-hole diamond drilling program at White Lead, which it considers to have confirmed structural orientations controlling hard rock gold mineralisation.

“Now that these structural controls are confirmed, Stavely is in a position to target higher gold grades and wider zones of mineralisation where these structures transect favourable host stratigraphy, taking us a step closer to unlocking what could be a very exciting new gold discovery,” Stavely Minerals managing director Chris Cairns said in the company’s announcement to the Australian Securities Exchange.

“The next phase of exploration will be aimed at vectoring in to the most prospective areas for discovering a significant Stawell-type gold deposit on our tenements, and we believe that this potential has now been significantly enhanced.”

Email: info@stavely.com.au

Website: www.stavely.com.au