Stavely Minerals Resumes Cayley Lode Resource Drilling

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) informed the market of encouraging initial results from a major new regional exploration initiative launched recently across the company’s 100 per cent-owned Stavely copper-gold project in western Victoria.

Stavely Minerals explained the new multi-pronged exploration program comes on the heels of an intensive regional prospect review that identified 19 priority exploration targets.

The early progress being made with the regional exploration push comes as activity ramps up at the Stavely project, with resource drilling also re-commencing this week targeting the south-eastern extension of the Cayley Lode deposit.

Stavely expects this will enable it to achieve its objective of posting a maiden Mineral Resource Estimate for the Cayley Lode in Q2 2022 as the basis for a Scoping Study.

“The current diamond drilling at the Toora West porphyry prospect has provided excellent visual encouragement of the presence of porphyritic host-units with disseminated pyrite and porphyry-style quartz-pyrite ± chalcopyrite and a separate phase of quartz-molybdenite veins,” Stavely Minerals chair and managing director Chris Cairns said in the company’s ASX announcement.

“The observed alteration is not as intense as would be expected in the potassic core and would be characterised as phyllic to inner-propylitic – so we are not yet in the hotter, well-mineralised core that we are seeking, but it is very early days at this prospect.

“Importantly, we are delighted that the under-cover targeting methodology developed by our on-site team is proving to be very effective with 80 per cent of the regional ‘blind’ under-cover targets tested to date being intrusions/porphyry phases with associated alteration and sulphide mineralisation – mostly pyrite but also with some chalcopyrite noted at the Yarram Gap prospect.

“We will await assay results from this early reconnaissance exploration while we now focus on completing the Cayley Lode Mineral Resource definition drilling program, paving the way for a maiden Mineral Resource Estimate in the second quarter of next year.

“Once the resource drilling is complete, we will commence the next phase of our initial regional exploration program and follow up the first-pass results.

“With a maiden Mineral Resource Estimate and Scoping Study for the Cayley Lode deposit due in Q2 next year, and results beginning to flow from our major regional exploration push, the next six months is shaping-up to be a very exciting period for the company.”