THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) reported its best results to date from drilling on 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 declared the latest intersection as being, “one of the most significant intercepts since its discovery in September last year”.
The latest intercept was achieved in diamond hole SMD104, located approx. 275 metres south-east along strike from the discovery intercept of 32 metres at 5.88 per cent copper, 1 gram per tonne gold and 58g/t silver in SMD050.
Stavely said the newest encounter continues to reinforce the scale, continuity and shallow nature of the copper-gold-silver mineralisation within the Cayley Lode.
The very broad zone of copper mineralisation was intersected from shallow depths in the Cayley Lode, returning:
144 metres at 1.04 per cent copper, 0.15g/t gold and 3.4g/t silver from 35m down-hole, including 84m at 1.55 per cent copper, 0.23g/t gold and 5g/t silver from 95m, including 28m at 3.31 per cent copper, 0.49g/t gold and 7.1g/t silver from 151m.
“The Cayley Lode continues to deliver some quite exceptional shallow drill intercepts of high-grade copper, gold and silver mineralisation,” Stavely Minerals executive chairman Chris Cairns said in the company’s announcement to the Australian Securities Exchange.
“The 144 metres intercept from just 35 metres down-hole is a timely reminder that our drill definition program on the Cayley Lode is continuing to produce spectacular intercepts.
“We expect this to continue as drilling progresses – both the current shallow Mineral Resource definition drilling program and later as drilling migrates to defining the Cayley Lode, and other lodes at depth.
“As exceptional as the intercept in SMD104 is, it ranks on a copper grade times width basis as the third best drill intercept from the Cayley Lode behind the discovery intercept…in SMD050 and a more recent intercept of 87 metres at 1.74 per cent copper, 0.57 grams per tonne gold and 20 grams per tonne silver in SMD087.
“We are excited by the scale of the opportunity that continues to emerge at Thursday’s Gossan as ongoing drill programs continue to define the Cayley Lode both along strike and at depth.
“We now have significant drill intercepts in the Cayley Lode over more than 1.5 kilometres of strike as well as intercepts in other structural positions to drill depths of 1,150 metres.
“There is a large amount of drilling still in front of us and the potential for further incredible results like these is compelling.
“In addition to defining the known high-grade copper-gold-silver mineralisation in the three structures identified to date at the Thursday’s Gossan prospect – the Cayley Lode in the Ultramafic Contact Fault, the Copper Lode Splay and the North-South Structure – we are expecting two large-capacity diamond drill rigs on-site in the next couple of weeks to commence drilling two 1,500 metres diamond drill holes to test for the blind porphyry system we expect is driving this very large mineralised system.
“As these holes progress toward their respective porphyry target zones, they will traverse the volume of rock that hosts the three known mineralised structures and have the potential to identify additional mineralised structures not yet seen in drilling completed to date.
“It is a very exciting time for the team and Stavely Minerals’ shareholders – buckle up and enjoy the ride!”
Satvely currently has an intensive resource drill-out continuing with a focus of extending to the northwest within what is now a 1.5km long discovery zone, with in-fill and step-out drilling continuing based on a roughly 40m by 40m drilling grid.
The Mineral Resource drill-out is well advanced and progressing well.
TO READ THE FULL ANNOUNCEMENT: CLICK HERE