Stavely Minerals Claims New Porphyry Discovery at Toora West

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) reported highly encouraging first-pass air-core drilling results from the Toora West porphyry prospect, part of the company’s 100 per cent-owned Stavely copper-gold project in Victoria.

Toora West is located approximately 15 kilometres north-west of Satvely Minerals’ Cayley Lode discovery at the Thursday’s Gossan prospect, where a major resource drill-out is continuing.

Results from the Toora West drilling include:

1 metre at 0.15 per cent copper from 58m down-hole and 3m at 0.34 per cent copper from 64m, including 1m at 0.61 per cent copper and 2.46 grams per tonne silver from 64m;

3m at 0.17 per cent copper from 35m down-hole, including 1m at 0.32 per cent copper from 35m and 1m at 0.14 per cent copper from 45m; and

3m at 0.11 per cent copper from 39m down-hole and 1m at 0.18 per cent copper from 50m to the end-of-hole.

Stavely Minerals executive chairman Chris Cairns explained the latest results in great detail in the company’s ASX announcement.

“We are very excited to see clear indications of a second emerging discovery in the Stavely Volcanic Arc,” Cairns said.

“While the shallow Mineral Resource definition drill program at Thursday’s Gossan is at an advanced stage, a new early-stage discovery at Toora West would confirm the prospectivity of the entire Stavely Volcanic Arc for further discoveries, further leveraging our dominant, first-mover position in this under-explored district.

“As the natural progression from intensive drill-out to more engineering and metallurgically-based economic studies at Thursday’s Gossan plays out, the focus of our geology team will shift to testing regional targets.

“Given the lack of systematic exploration in the Stavely Volcanic Arc, we simply do not know if Thursday’s Gossan is the best opportunity out there or whether it was the easiest to identify given that it sits in a ‘window’ of no cover while the rest of the Stavely Belt – including the Stavely Belt-equivalent Narrapumelap Belt and the Elliot Belt in our EL006870 – are largely unexplored under shallow cover.

“We recently contracted CGG Geophysics to fly a gravity gradiometer survey and those data, in conjunction with high-resolution magnetics data collected concurrently, will provide a proprietary baseline dataset to guide exploration in the district for many years to come.

“Despite having worked in this part of western Victoria for the past seven years, I can’t help but feel that we may be in the early part of this discovery journey in an emerging copper province in a first-world jurisdiction, just at a time when the world requires a secure and increasing supply of copper to underpin the transition to a low-carbon future.

“Additionally, and this may have fallen off the radar of many investors, Stavely Minerals also owns the Mt Ararat VMS deposit which contains a resource of 1.3 million tonnes at two per cent copper, 0.5 grams per tonne gold, six grams per tonne silver and 0.4 per cent zinc (as detailed in Stavely Minerals’ 2020 Annual Report).

“We have recently drilled two deeper diamond drill holes under the existing resource at this deposit and we plan to drill a further two deep diamond drill holes another 100 metres below the recent holes.

“A revised Mineral Resource Estimate for Mt Ararat is likely to highlight the opportunity for an additional satellite source of copper-gold-silver and zinc mineralisation which could be included in economic studies for the development of Thursday’s Gossan.

“With a potential emerging discovery at Toora West, the question now becomes will there be three sources of copper mineralisation for a potential development, or will there be even more copper deposits identified with further exploration of our dominant tenure position?

“I’d be happy to take a bet that there will be.”









Stavely Minerals Commences New Regional Exploration Drive

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) has kicked off a new regional exploration program across the company’s 100 per cent-owned Stavely copper-gold project in Victoria.

Stavely Minerals indicated the activities are aimed at building the company’s long-term growth pipeline of exploration opportunities across what it considers an emerging copper-gold-silver district.

Stavely has contracted French headquartered international geophysical contractor CGG to fly a state-of-the-art airborne gravity survey over its tenements using its airborne Falcon™ Gravity Gradiometer system.

An intensive Mineral Resource definition drill-out of the Cayley Lode copper-gold-silver discovery already underway with the current focus on extending the deposit to the north-west within the 1.5 kilometres-long discovery zone.

“Stavely Minerals was a first-mover in identifying the potential for porphyry and porphyry-related mineralisation in western Victoria in 2013 when there was an exploration downturn and Victoria was not a highly-regarded exploration destination,” Stavely Minerals executive chairman Chris Cairns said in the company’s ASX announcement.

“While both investor sentiment towards the sector generally and the standing of Victoria in exploration destination rankings has improved significantly, Stavely Minerals’ first-mover advantage has allowed us to aggregate a commanding position in what we believe are likely to prove the most productive and fertile portions of the mineralised ancient volcanic arc systems in this region.

“As a dedicated explorer, the importance of acquiring the strategic fundamental datasets that will underpin years of ongoing exploration in this emerging copper province cannot be overstated.

“In conjunction with airborne magnetic datasets that have been acquired both privately and by the State Government, the new gravity data will provide an independent but very complementary dataset of bedrock geophysical properties.

“The gravity data easily ‘sees through’ the shallow transported cover endemic to the region that otherwise obscures much of the basement geology.

“Given the Thursday’s Gossan prospect has such a large and distinctive gravity low signature, it was a no-brainer to fly the gravity gradiometer over our very large tenure position – that otherwise would take several years if acquired by ground-based surveys.

“We believe that this data, in conjunction with the other information already available to us, could fast-track exploration of an entirely new generation of copper-gold targets beyond Thursday’s Gossan, and potentially lead to significant new discoveries that could cement this area as a long-term source of copper for many decades to come.

“We are looking forward to the results of this landmark survey, which we expect will reveal numerous targets and exploration hot-spots that will need to be followed up and tested in the months and years ahead.”








Stavely Minerals Extends High-Grade Cayley Lode

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) reported new results from ongoing resource drilling underway at 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 Minerals is carrying out an intensive resource drill-out focused on extending the deposit to the north-west within the (now) overall 1.5 kilometres-long discovery zone, with in-fill and step-out drilling continuing.

Drill hole SMD121 has extended the Cayley Lode copper-gold-silver mineralisation a further 150m to the north-west of the 48 metres at 1.39 per cent copper intercept the company previously reported from drill hole SMD106.

73 metres at 0.64 per cent copper, 0.7g/t gold and 6.8g/t silver from 104m down-hole, including 1.6m at 1.72 per cent copper, 20.47g/t gold and 30g/t silver from 110.4m; and

27m at 1.04 per cent copper, 0.46g/t gold and 11g/t silver from 150m, including 7m at 2.56 per cent copper, 1g/t gold and 19g/t silver from 170m.

Stavely declared SMD121 has confirmed the presence of a broad zone of copper-gold-silver mineralisation including narrower zones of high-grade copper with very high-grade gold.

Additional holes in the north-western sector have returned significant results, including areas of gold-rich mineralisation, confirming the wider distribution of this style of mineralisation in this part of the deposit.

9m at 2.34 per cent copper, 0.56 grams per tonne gold and 12g/t silver from 97m down-hole, including 3m at 4.5 per cent copper, 0.87g/t gold and 17g/t silver from 102m

35m at 0.46 per cent copper, 0.92g/t gold and 9.4g/t silver from 131m down-hole, including 17m at 0.42 per cent copper, 1.34g/t gold and 10g/t silver from 131m, and ▪ 2m at 2.85 per cent copper, 2.25g/t gold and 45g/t silver in a basal intercept from 164m

“Our recent drilling is continuing to extend the Cayley Lode to the north-west with another strong set of results in SMD121 extending the high-grade copper-gold-silver mineralisation a further 150 metres along strike,” Stavely Minerals executive chairman Chris Cairns said in the company’s ASX announcement.

“As well, visual indications from holes SMD134 and SMD135 currently in-progress – located a further 225 metres along strike to the north-west – takes the strike extent of the drill-defined Mineral Resource drilling grid to approximately 850 metres from hole SMD109 to SMD135.

“Importantly, the mineralisation remains open along strike both to the north-west and southeast and down-dip.

“Our expectation is that the Mineral Resource area will ultimately extend over a strike extent of more than one kilometre and that the lateral extent will eventually match the vertical extent, we have seen with mineralisation intersected in the north-south structure (NSS) in SMD045 at around 1,150 metres drill depth.”








Stavely Minerals Reports Biggest Hit to Date from Cayley Lode Discovery

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.








Not Quite a Geological Comparison, But Point Made

THE CONFERENCE CALLER: Although it was only the briefest of references in passing, Stavely Minerals’ (ASX: SVY) boss Chris Cairns made an interesting observation when – at the recent RIU Resurgence Conference in Western Australia – he suggested the mineralisation of his company’s namesake Victorian exploration project may be similar to that of one of Australia’s great historic copper operations. By Mark Fraser

No doubt investors who attended the event, which was held in the explorer’s home town of Perth in WA, took note when Cairns hinted the polymetallic Stavely play in west Victoria might resemble Mt Lyell in Tasmania.

Located 175 kilometres north west of Hobart in the prospective Mt Read volcanics, the Mt Lyell camp has hosted – at least in the words of some information provided by the Tasmanian geological survey – “some of the oldest significant mines in Australia”.

Discovered in 1883, the project area had, by 1999, been responsible for a large portion of Tasmania’s gold production as well as most of its copper – yielding 1.4 million tonnes of copper, 43 tonnes of gold and 733 tonnes of silver from 119 million tonnes of ore.

According to some news sources, when Mt Lyell was put on care and maintenance during 2014 by the publicly-listed Vedanta Resources (LSE: VED), its historic output of red metal had risen to 1.8 million tonnes.

Cairns told RIU delegates that, just after listing on the ASX via a $6 million initial public offering during 2014, Stavely raised a few eyebrows when it decided to concentrate its field efforts in western Victoria.

“At the time people said you need your head read if you go into Victoria – it’s very low in the Fraser Institute’s rankings of exploration destinations,” he noted.

“(And) it’s funny how, six years later, it is one of the hottest destinations in the world for exploration, with Fosterville and Kirkland Lake (ASX: KLA) having so much success there.

“And we’ve made a discovery in a completely different terrain. When we moved in there, there was no mining history whatsoever in western Victoria – certainly not for porphyries or copper.

“But we persisted for a number of years seeking a porphyry target and eventually discovered a magma Arizona-style of deposit, and hopefully the porphyry is sitting underneath.

“It’s almost unique in Australia in terms of the style of mineralisation – I don’t know of any other deposit (like it … but it’s been suggested that) maybe Mt Lyell may have some attributes of this style of mineralisation.”

Since then Stavely – with its 1461 square kilometres ground position – has established itself as a first mover within Victoria’s Stavely Arc, where the company is developing its wholly-owned Stavely and Ararat projects.

The majority of the junior’s exploration has focused on Thursday’s Gossan, where the initial target was a Tier-1, Cadia-style copper-gold porphyry system that included an extensive chalcocite-enriched blanket occurring 30-80m below surface.

When this was starting to resemble something of a “rabbit hole”, however, the junior began looking for lode-style mineralisation closer to surface – a move which led to the discovery of the shallow (0-200m), high grade copper-gold-silver Cayley Lode. So far Stavely has established an inferred mineral resource of 28 million tonnes at 0.4 per cent copper for 110,000 tonnes of contained red metal at Thursday’s Gossan.

Describing the Cayley Lode as a game changer, Cairns indicated it could well be the tip of a new copper province iceberg.

As it stands Stavely is now planning to complete a mineral resource drill-out of the shallow (0-200m) Cayley open pit mineralisation.

And, aside from also starting a scoping study on the first phase of the proposed above ground development, the company is also looking to re-deploy drill rigs to define the Cayley Lode at depth in order to lay the foundation for a phase two underground operation.

In addition, drill testing of further porphyry and regional targets is scheduled.

“We’ve defined it down to a kilometre and, if it’s continuous, we’re thinking about a two decade mine life at the phase two underground after the open pit,” Cairns added.

Stavely is now well positioned to complete this early due diligence, having a healthy $32 million cash in the bank.





Stavely Minerals Sees Parallel Gold Lode Emerging at Cayley Discovery

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) reported further strong assay results from drilling at the Cayley shallow high-grade copper-gold discovery deposit withing Thursday’s Gossan prospect, part of the company’s 100 per cent-owned Stavely copper-gold project in Victoria.

Stavely Minerals has long considered there to be at least two parallel zones of higher-grade copper-gold-silver mineralisation located close to surface within the chalcocite-enriched blanket that hosts the Stavely project’s current 28 million tonnes at 0.4 per cent copper Inferred Mineral Resource.

The company’s interpretation of previous drilling has been drilling targeting the Cayley Lode would begin to encounter the parallel Cayley Lode Splay (CLS) at shallow depths as it progressively advances to the west.

The recent drilling appears to have done just that, encountering a very broad zone of copper mineralisation, including a shallow 18 metres intercept in the interpreted near-surface position of the parallel Copper Lode Splay (CLS).

299.7 metres at 0.4 per cent copper from 35m down-hole, including 64m at 0.68 per cent copper from 35m, including 18m at 1.11 per cent copper from 36m in the interpreted Copper Lode Splay; and

30.1m at 1.44 per cent copper, 0.21 grams per tonne gold and 4.4g/t silver from 304.6m in the Cayley Lode, including 4m at 3.17 per cent copper, 0.26g/t gold and 7.5g/t silver.

“The Cayley Lode continues to deliver consistently good widths of high-grade copper, gold and silver mineralisation with some excellent new high-grade results from the south-eastern end in holes 94, 95, 96 and 97,” Stavely Minerals executive chairman Chris Cairns said in the company’s announcement to the Australian Securities Exchange.

“For some time, we have been predicting that, as the collars of drill holes testing the Cayley Lode mineralisation at increasing depths migrate further west, the upper portions of these drill holes should start to intercept the inferred near-surface position of the Copper Lode Splay.

“The identification of the Copper Lode Splay close to surface may have significant implications for the scale of a potential Phase 1 open pit development.

“Clearly there is a great deal of drilling to be done to confirm this potential, but we do now have the funding available to pursue this opportunity aggressively.

“These multiple lode intercepts really highlights that we have a large amount of drilling to do before we get to the position of detailed studies, and we must caution that there is no guarantee of a positive economic outcome when we do.

“However, we need to be thinking of the potential scale of the system as it becomes better drill defined and what that could translate to as a development proposition.

“The potential for additional near-surface lodes could add to that in a meaningful way, not to mention what additional lodes at depth may mean for a possible Phase 2 underground.

“In addition to completing the drilling required for a maiden JORC Mineral Resource estimate later this year, we are also commencing various ancillary programs including metallurgical test-work, environmental monitoring and groundwater monitoring that will provide critical information to the various stages of future development studies.”








Stavely Minerals Hits Further High-Grades at Thursday’s Gossan

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) reported new assay results from ongoing diamond drilling at the shallow high-grade copper-gold discovery at the Thursday’s Gossan prospect, part of the company’s 100 per cent-owned Stavely copper-gold project in Victoria.

Stavely Minerals recently named this shallow copper-gold discovery on the Ultramafic Contact Fault the Cayley Lode, after Geological Survey of Victoria senior geologist Ross Cayley.

“We have renamed the mineralisation on the Ultramafic Contact Fault as the ‘Cayley Lode’ in recognition of the attributes that Geological Survey of Victoria Senior Geologist Ross Cayley personifies – a passion for geology, dogged persistence, and technical excellence,” Stavley Minerals executive chairman Chris Cairns said in the company’s announcement to the Australian Securities Exchange.

“It was Ross and his colleagues, including David Taylor, who played leading roles in a collaborative effort between the Geological Survey of Victoria and Geoscience Australia that produced some ground-breaking interpretive work on the Stavely Arc and the evolution of eastern Australia.”

Stavely currently has an intensive resource drill-out underway on this approx. one-kilometre-long discovery zone.

Diamond drill hole SMD064, located some 20 metres to the north-west of discovery drill hole SMD050 returned a high-grade intercept of:

8 metres at 5.12 per cent copper, 1.48 grams per tonne gold and 34.3g/t silver from 121m down-hole, including 1m at 26.8 per cent copper, 8.48g/t gold and 201g/t silver.

SMD064 is the only hole completed to date on this section, which Stavely has interpreted to have intercepted a north-plunging high-grade shoot with the intercept being of similar grade and tenor to that intercepted by the discovery hole.

Diamond drill hole SMD070, located around 200m south-east of the discovery hole SMD050, also returned a shallow intercept within a broader zone of 75m at 0.6 per cent copper, 0.19g/t gold and 5g/t silver from 20m drill depth of 19m at 1.48 per cent copper, 0.4g/t gold and 15g/t silver from 65m down-hole, including 1m at 9.23 per cent copper, 2.67g/t gold and 125g/t silver.

Drill hole SMD074 was drilled approx. 40m behind SMD070, intercepting an approximately 60m interval of massive to semi-massive sulphide including variable abundances of copper sulphides.

“Ongoing drilling along the newly-named Cayley Lode continues to deliver strong copper-gold-silver mineralisation over significant widths, including a number of narrower high-grade intervals at shallow depths in SMD064 and SMD070, located respectively to the north-west and south-east along strike from the discovery hole,” Cairns explained.

“As we’ve noted previously, widths and grades will vary as the Cayley Lode pinches and swells, but the consistency of the mineralisation is notable – particularly as we have now intersected mineralisation in drill hole SMD073, approximately one kilometre to the north-west from our southern-most mineralised intercept.

“The presence of more zinc-rich mineralisation in this hole is consistent with our Butte / Magma-style mineralisation model, which predicts that we will encounter zinc-rich mineralisation out in the distal / cooler portions of the mineral system.

“SMD073 is a very significant drill hole as it demonstrates that the system is behaving as it should, that mineralisation does indeed continue below the Low-Angle Structure, and that the strike extent of the mineralised system is now in-excess of one kilometre and open to the south-east and down-dip.

“Meanwhile, drill hole SMD074, some 200 metres south-east of the discovery hole, appears to have intercepted the broadest interval of massive to semi-massive sulphides on the Cayley Lode to date.

“While the mineralisation will continue to exhibit significant variation in both width and grade, we are confident that it will yield many more impressive thick intercepts such as this as drilling progresses on the Cayley Lode and other known mineralised structures in the Copper-Lode Splay and the North-South Structure.

“There is plenty of drilling ahead of us to define the extents of this very significant lode-hosted copper-gold-silver system, with our immediate focus now on an intensive resource drill-out with four rigs operating within the main mineralised zone.”





Stavely Minerals Takes Out 2020 Craig Oliver Award at RIU Explorers Conference

THE CONFERENCE CALLER: Stavely Minerals (ASX: SVY) was named winner of the 202 Craig Oliver award on Day two of the 2020 RIU Explorers Conference in Fremantle.

The award is given to the ASX-listed resources company that is considered by the judging panel to exemplify an all-round excellence in several fields over the past year, including exploration, mining, corporate, market results, environment and community.

Accepting the award in front of a packed ballroom at The Esplanade Hotel, Stavely Minerals executive chairman Chris Cairns said he was blown away at receiving the gong.

“It is an honour to receive this award on behalf of the team at Stavely,” Cairns said.

“I must also acknowledge the outstanding list of other nominees for this year’s award.

“I think the phenomenal achievements currently being made across the Australian mining and exploration industry including some very exciting news of discoveries on both sides of the country and the incredible performance of the mid-tier gold sector in recent years is testament to the industry’s tenacity and resilience.”

Other companies nominated this year for the 2020 Craig Oliver Award were:

Alkane Resources (ASX: ALK)
A gold producer with a multi-commodity exploration and development portfolio.

Alkane’s projects are predominantly in the Central West region of New South Wales, but extend throughout Australia.

Bellevue Gold (ASX: BGL)
A West Australian gold explorer advancing the historic Bellevue gold mine.

In its day, the Bellevue mine was one of Australia’s highest-grade gold mines, producing 800,000 ounces at 15 grams per tonne gold from 1986 to 1997.

Gold Road Resources (ASX: GOR)
A gold producer with Tier 1 mine and exploration projects in the underexplored and highly prospective Yamarna Greenstone Belt in Western Australia’s north-eastern Goldfields.

Gold Road officially opened the Gruyere gold mine (50:50 JV with Gold Fields) late last year.

Image Resources (ASX: IMA)
Australia’s newest minerals sands mining company, operating at its high-grade, zircon-rich Boonanarring project in the infrastructure rich North Perth Basin.

RIU Explorers Conference managing director Stewart McDonald told the packed auditorium Stavely Minerals was a deserved winner of the 2020 Craig Oliver Award.

“While all five nominees have all notched up significant achievements throughout 2019, Stavely Minerals was the one that really stood out not only in terms of its exceptional exploration success but also in terms of acquisitions, share market activity and leadership,” McDonald said.

“I congratulate Chris and the Stavely team with this prestigious win.”





Stavely Minerals Expands Thursday’s Gossan Mineralisation

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) received assay results for further diamond drill holes undertaken at the Thursday’s Gossan prospect, part of the company’s 100 per cent-owned Stavely copper-gold project in Victoria.

Musgrave Minerals Intersects High-Grades at Mainland

THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) reported high-grade gold results from reverse circulation (RC) drilling at Mainland on the company’s Cue gold project in Western Australia, where it has an option agreement to acquire 100 per cent of the basement gold rights.

Corazon Mining Adds Further Nickel to Lynn Lake Resource

THE DRILL SERGEANT: Corazon Mining (ASX: CZN) announced an upgraded Mineral Resource Estimate for the comapy’s Lynn Lake nickel-copper-cobalt sulphide project in Canada.

Matador Mining Progresses Cape Ray Environmental Assessment

THE BOURSE WHISPERER: Matador Mining (ASX: MZZ) updated the market on progress of the Environmental Assessment (EA) process for the company’s Cape Ray gold project in Newfoundland, Canada.


Stavely Minerals Expands Thursday’s Gossan Mineralisation

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) received assay results for further diamond drill holes undertaken at the Thursday’s Gossan prospect, part of the company’s 100 per cent-owned Stavely copper-gold project in Victoria.

Stavely Minerals declared that results from holes SMD054, SMD056 and SMD058, together with indications from ongoing drilling, continue to confirm and extend the shallow high-grade copper-gold discovery at the Thursday’s Gossan prospect.

Diamond hole SMD054, located 40 metres along strike to the north-west of discovery hole SMD050, returned high-grade assay results of:

11 metres at 4.62 per cent copper, 0.57 grams per tonne gold and 25g/t silver from 86m down-hole, including 7m at 7.10 per cent copper, 0.72g/t gold and 39g/t silver from 90m down-hole, including 3m at 10.87 per cent copper, 0.67g/t gold and 52g/t silver from 92m down-hole.

Drill hole SMD054 also intercepted another overlapping interval of nickel mineralisation, returning:

5m at 1.42 per cent nickel and 0.05 per cent cobalt from 96m down-hole.

Diamond hole SMD058, located between discovery holes SMD050 and the first step-out hole SMD051, intersected a broader zone of mineralisation:

23m at 1.34 per cent copper, 0.26g/t gold and 3.5g/t silver from 68m down-hole, including 3m at 6.33 per cent copper, 0.27g/t gold and 2.9g/t silver from 88m down-hole.

Diamond hole SMD056, targeted 40m below the discovery hole SMD050, did not reach target depth due to the drill rods breaking but still intersected encouraging mineralisation, including:

8.3m at 1.65 per cent copper, 0.23g/t gold and 7.2g/t silver from 157m down-hole, including 3m at 3.75 per cent copper, 0.25g/t gold and 10.2g/t silver from 157m down-hole; and

3m at 1.68 per cent copper, 0.18g/t gold and 8g/t silver from 79m down-hole.

Stavely has observed visuals from recently completed in-fill drill holes SMD059 and SMD060, located 160m and 120m south of SMD050 respectively, that it claims indicate thick, well-developed mineralised intervals.

Assays for these holes are pending.

The company is soon to commence drilling to test 100m of strike between SMD054 and historical hole SNDD001, which if successful could confirm the discovery of a strike length of over 500m.

“We are pleased that ongoing drilling continues to intersect well-developed, high-grade copper-gold-silver mineralisation with the added bonus of some quite unusual nickel-cobalt mineralisation,” Stavely Minerals executive chairman Chris Cairns said in the company’s announcement to the Australian Securities Exchange.

“As expected, we continue to see variation in widths and grade along the strike length of the discovery, but overall the picture is continuing to build strongly.

“In terms of the down-dip continuity, we still have an incomplete picture but the early indications are extremely encouraging.

“Of particular note from our recent drilling is that the visual observation of the mineralisation in SMD059 suggests that it extends beneath the low-angle structure (LAS).

“This provides encouragement that mineralisation does extend below the LAS and the depth potential of high-grade mineralisation is therefore not constrained by this structure.

“This opens up the entire discovery – and indeed the broader area below the shallow chalcocite blanket – quite significantly and represents a tantalising proposition.”