Stavely Minerals Scores High-Grade Gold Results at Toora West

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) reported results from recently completed follow-up diamond drilling at the Toora West porphyry prospect, part of the company’s 100 per cent-owned Stavely copper-gold project in western Victoria.

Stavely Minerals commenced the three diamond hole program at the Toora West prospect in early December 2021, which was completed in early January 2022 to follow-up to previously announced aircore drilling results.

The company declared the drilling to have confirmed the presence of porphyry-style copper and molybdenum mineralisation as well as a later phase of unexpected high-grade gold mineralisation associated with the copper sulphide tetrahedrite.

Diamond drill hole STWD005 intersected two high-grade gold zones including:

0.6 metres at 4.27 grams per tonne gold, 0.31 per cent copper, 2.6g/t silver and 130ppm molybdenum 274.2m; and
0.6m at 8.72g/t gold, 1.85 per cent copper, 5.2g/t silver and 151ppm molybdenum from 286.7m

Drill hole STWD006 (the northernmost diamond drill hole) intersected an interval of low-grade copper anomalism, terminated by a fault, including:

27m at 0.15 per cent copper from 112m down-hole.

Drill hole STWD007 intersected an interval of silver mineralisation near-surface and deeper intervals of copper and molybdenum mineralisation:

16m at 16g/t silver from 52m, including 1m at 150g/t silver from 65m;
27m at 0.14 per cent copper from 268m;
2m at 0.24 per cent copper, 0.19 g/t gold, 1.8g/t silver and 103ppm Mo from 335m;
1m at 0.19 per cent molybdenum from 477m; and
1m at 0.13 per cent molybdenum from 495m.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

“While the Toora West porphyry prospect is at an early stage of reconnaissance exploration, we are excited by what our recent drilling and geophysical programs have revealed,” Stavely Minerals chair and managing director Chris Cairns said in the company’s ASX announcement.

“It is a real positive that our regional targeting methodology has been so successful in identifying ‘blind’ targets under basalt and transported cover with a success rate of around 80 per cent to date.

“The key attributes that are providing encouragement to vector into a shallow porphyry target include potassic alteration in the form of secondary biotite (a potassium-rich mica) and potassium feldspar alteration on the margin of porphyry-style quartz-sulphide veins.

“The sulphide assemblage includes pyrite, molybdenite, chalcopyrite and bornite mineralisation.

“It is also very pleasing that the system demonstrates potential for high-grade gold as a late mineralisation phase.

“Additionally, the unidirectional solidification textures noted in drill core indicate we are at the top of a porphyry system.

“This suggests that we are not looking at a porphyry target that is at a kilometre depth, it is likely much closer to surface.

“A recently completed drone magnetic survey has highlighted a distinct magnetic high with a concentric magnetic low annulus in an area where recently completed aircore drill holes are logged as displaying potassic alteration.

“The magnetic feature in combination with the potassic alteration presents a very compelling drill target.”

 

 

 

Email: info@stavely.com.au

 

Web: www.stavely.com.au