Posts

Stavely Minerals Commences ‘Pivotal’ 2023 Campaign

/in , /by

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) declared a new mind set regarding the company’s 100 per cent-owned Stavely copper-gold project in western Victoria.

Stavely described upcoming activities as “a significant new phase of exploration” following an extensive review of regional and near-resource discovery opportunities.

As 2022 ended, Stavely invited porphyry expert, Dr Steve Garwin to review Cayley Lode drill data, to visit site, and inspect drill core.

Dr Garwin’s review delivered a new porphyry target beneath and along plunge of some deeper intercepts on the Cayley Lode, including holes SMD173 and SMD182.

SMD173 was one of the last diamond drill holes completed during the Mineral Resource drill-out.

There had been concerns raised that the Cayley Lode mineralisation might not extend below the low-angle structure, an opinion with which Stavely strongly disagreed.

SMD173 intercepted 43 metres at 2.6 per cent copper, 0.42 grams per tonne gold and 10g/t silver from 378m and while doing so altered the character of the mineralisation relative to intercepts from previous drill-holes.

SMD182 was the last drill hole of the Mineral Resource drill-out with the objective to further test the down-plunge extent of the Cayley Lode beyond SMD173.

SMD182 intercepted 10.4m at 4.34 per cent copper, 3.17g/t gold and 11g/t silver from 421m, including 4.9m at 6.74 per cent copper, 6.45g/t gold and 19g/t silver, demonstrating near parity of gold grade in g/t to the copper grade in per cent.

Stavely highlighted the near parity of gold grade in g/t to the copper grade in per centages, saying the economic potential of an increase in gold grades with high-grade copper in this intercept could not be ignored.

“Dr Garwin’s insights have assisted the site team to recognise a systematic zonation of sulphides in the high-grade copper-gold mineralised structures, and this has provided very material encouragement to pursue the Cayley Lode at depth,” Stavely Minerals executive chair and managing director Chris Cairns said in the company’s ASX announcement.

“In essence, the mineral assemblage in the last few, and so far deepest, drill holes completed on the Cayley Lode while completing the initial Mineral Resource drill-out, indicate an increase in temperature of mineral formation which, if it continues, should bring our drilling towards the causative porphyry.”

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Stavely Minerals Scores High-Grade Gold Results at Toora West

/in , /by

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

 

 

Stavely Minerals Resumes Cayley Lode Resource Drilling

/in , /by

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.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@stavely.com.au

 

Web: www.stavely.com.au

 

Stavely Minerals Achieves More High-Grade Copper-Gold-Silver Intercepts

/in , /by

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) reported further results from ongoing resource drilling underway within 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 received the assay results from diamond drill holes completed prior to the winter rains to fill gaps in the drilling for the maiden Mineral Resource Estimate, expected to be completed towards the end of the year.

These included:

SMD156 that intersected the Cayley Lode in a position above the Low-angle structure, returning:

22.8 metres at 2.27 per cent copper, 0.38 grams per tonne gold and 19g/t silver from 247m, including 3m at 6.86 per cent copper, 1g/t gold and 11g/t silver, and 4.7m at 4.07 per cent copper, 0.78g/t gold and 77g/t silver.

Drill hole SMD156W1 was drilled as a wedge hole to SMD156, which had an interval of lost core in the Cayley Lode mineralisation, intersecting:

23.1m at 1.67 per cent copper, 0.25g/t gold and 19g/t silver from 246.9m down-hole, including 3.1m at 6.21 per cent copper, 0.69g/t gold and 77g/t silver.

Stavely has an intensive resource drill-out continuing with the focus on extending the deposit to the south-east and at depth within the (now) overall 1.5 kilometres-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 continues to generate impressive results, which have extended the Cayley Lode mineralisation.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@stavely.com.au

 

Web: www.stavely.com.au

 

 

 

Stavely Minerals Confirms High-Grade Mt Ararat Extensions

/in , /by

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) reported results from a recent extensional diamond drilling program undertaken at the Mt Ararat VMS deposit, part of the company’s 100 per cent-owned Ararat project in Victoria.

Stavely Minerals completed two diamond drill holes at the Mt Ararat copper-gold-zinc VMS deposit, located approx. 40 kilometres of the company’s recent Cayley Lode discovery that extended the mineralisation at depth by approximately 100 metres.

SADD011 intersected mineralisation from 205.4m down-hole, including:
6.6 metres at 2.48 per cent copper, 0.38 grams per tonne gold and 0.39 per cent zinc (4.67g/t gold equivalent) (true width ~4m), including 1.1m at 6.7 per cent copper, 0.49g/t gold, 0.85 per cent zinc and 9.2g/t silver (11.99g/t AuEq) from 209m down-hole;

SADD012 intersected high-grade mineralisation from 299.9m down-hole, including:
6.1m at 3.15 per cent copper, 0.41g/t gold and 0.28 per cent zinc (5.8g/t AuEq) (true width ~4m), including 1m at 8.74 per cent copper, 1.72g/t gold, 0.77 per cent zinc and 13g/t silver (16.69g/t AuEq) from 301m.

Stavely Minerals said it anticipates progressing the Thursday’s Gossan project to the Scoping Study stage of economic studies once a maiden Mineral Resource Estimate is completed for the Cayley Lode, which is expected towards the end of calendar 2021.

The company believes that the high-grade VMS mineralisation at Mt Ararat could contribute to the future production profile.

Mt Ararat has an existing Mineral Resource estimate of 1.2 million tonnes at 2 per cent copper, 0.5g/t gold, 0.4 per cent zinc and 6g/t silver.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@stavely.com.au

 

Web: www.stavely.com.au

 

 

Stavely Minerals Hits New Cayley Lode Wide Copper-Gold Intercepts

/in , /by

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) reported the latest results achieved during an ongoing resource drilling program within the Cayley Lode discovery at the Thursday’s Gossan prospect, all part of the company’s 100 per cent-owned Stavely copper-gold project in Victoria.

Stavely Minerals is undertaking the resource drill-out to extend the deposit to the south-east and at depth within, what is now a 1.5 kilometres-long discovery zone, implementing in-fill and step-out drilling.

Recent activity has produced assay results from diamond holes SMD151 and SMD152, plus visual observations from SMD159, all located in the southern sector of the resource drill-out.

Drill hole SMD152 intersected the Cayley Lode above the low-angle structure (LAS) including:

64.1m at 1.04 per cent copper, 0.13 grams per tonne gold and 3.5g/t silver (1.91g/t gold equivalent) from 219m down-hole.

This intersection included a hanging-wall intercept of 18m at 1.49 per cent copper, 0.1g/t gold and 4g/t silver, (2.63g/t gold equivalent) from 219m; and

A central intercept of 5m at 1.65 per cent copper, 0.27g/t gold and 5.6g/t silver (3.09g/t gold equivalent) from 249m; and

A foot-wall intercept of 9.7m at 2.48 per cent copper, 0.38g/t gold and 8.6g/t silver (4.61g/t gold equivalent) from 273.4m.

SMD152 also intersected a large low-grade shallow intercept in the chalcocite-enriched blanket of 111.3m at 0.35 per cent copper (0.58g/t gold equivalent) from 26.7m down-hole, including a higher-grade intercept of 7.4m at 1.44 per cent copper (2.39g/t gold equivalent) from 27.6m.

Drill hole SMD151, located further south, intersected both a large low-grade shallow intercept in the chalcocite-enriched blanket of 117m at 0.48 per cent copper (0.8g/t gold equivalent) from 77m down-hole, including a higher-grade intercept of 21m at 1.38 per cent copper (2.29g/t gold equivalent) from 78m.

SMD151 also intersected Cayley Lode copper-gold-silver mineralisation below the LAS returning 8m at 1.04 per cent copper, 0.1g/t gold and 6g/t silver (2.71g/t gold equivalent) from 410m down-hole.

“While we are finalising an access agreement to establish drill access south of the railway, we have taken the opportunity to drill into that area to confirm the potential that we always believed was there,”

“Drill hole SMD159, collared just north of the railway line, has encountered several discrete sulphide lodes over a drill interval of approximately 240 metres.

“Within that overall interval, the aggregate interval of lode mineralisation was 43 metres.

“While the drill hole is believed to be oblique to the mineralisation strike orientation, and the true width is unknown, SMD159 is an important drill hole as it provides definitive proof that high-grade copper-gold-silver mineralisation does extend at depth below the low-angle structure in the southern area.

“This is an important result which, together with other encouraging drill intercepts in the southern portion of the deposit, highlights the significant growth potential to the south – where we hope to be drilling as soon as we finalise access.

“We have included gold equivalent values for our intercepts for the first time as we feel investors may have lost touch with what one per cent copper is worth in relative terms, despite the historically strong gold price.

As at 1 June 2021, 0.6 per cent copper is of roughly equivalent value to one gram per tonne gold.

“The equivalency values do not take into account respective metallurgical recoveries.

“With low-grade intervals like the shallow chalcocite-enriched blanket in SMD151, with 117 metres at 0.48 per cent copper – equivalent to 0.8 grams per tonne gold – it becomes apparent that a potential open pit optimisation being pulled down on the high-grade Cayley Lode copper-gold-silver mineralisation will also capture large volumes of this material that will contribute to a sizeable low-grade stockpile separate to the high-grade Cayley Lode mineralisation.”

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@stavely.com.au

 

Web: www.stavely.com.au