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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:

SMD104
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

 

Email: info@stavely.com.au

 

Web: www.stavely.com.au

 

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.

 

Web: www.stavely.com.au

 

 

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).

SMD093
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.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@stavely.com.au

 

Web: www.stavely.com.au

 

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.”

 

Email: info@stavely.com.au

Web: www.stavely.com.au

 

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.”

 

 

THE DAILY ROADHOUSE

 

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.”

 

Email: info@stavely.com.au

 

Web: www.stavely.com.au

 

THE DAILY ROADHOUSE

 

Stavely Minerals Continues Thursday’s Gossan Growth

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) reported further news from 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.

Calidus Resources Hits More Gold in Planned Klondyke Pit

THE DRILL SERGEANT: Calidus Resources (ASX: CAI) reported a further batch of high-grade RC drilling results from the company’s Warrawoona gold project in the Pilbara of Western Australia.

Independence Group Makes Take-Over Bid for Panoramic Resources

THE BOURSE WHISPERER: Independence Group (ASX: IGO) rattled the boards of the ASX by announcing its intention to make an off-market takeover offer to acquire all of the ordinary shares of Panoramic Resources (ASX: PAN) it does not already own.

Galileo Mining Confirms Fraser Range Nickel Target

THE DRILL SERGEANT: Galileo Mining (ASX: GAL) recently completed aircore drilling at the company’s Lantern prospect, within the Fraser Range nickel belt of Western Australia.

Rox Resources Hits Healthy Gold Intersections at Youanmi

THE DRILL SERGEANT: Rox Resources (ASX: RXL) released results of an air core drilling program undertaken at the company’s VMC Joint Venture, located north of the historical Penny West gold mine and the historical Magenta and Columbia gold prospects in Western Australia.

 

Stavely Minerals Continues Thursday’s Gossan Growth

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) reported further news from 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 said the Thursday’s Gossan prospect is continuing to expand in several directions, which has been demonstrated by further assay results and indications from ongoing drilling.

The company has received assay results for diamond drill hole SMD053, located 320m to the south-east of discovery drill hole SMD050 that intersected a narrower zone of shallow copper-gold-silver mineralisation, returning grades of up to:

1 metre at 8.42 per cent copper and 1.77 grams per tonne gold and 1m at 2.91 per cent copper and 8.69g/t gold;

10.3m at 3.09 per cent copper, 1.69g/t gold and 22.6g/t silver from 201m down-hole, including 5m at 5.81 per cent copper, 3.2g/t gold and 43.6g/t silver from 202m down-hole; and

2m at 1.17 per cent copper, 1.23g/t gold and 4.1g/t silver from 176m down-hole.

Stavely said that when combined with the previously reported intercepts from the discovery hole SMD050, the latest assays provide further evidence of the growing scale of the zone of shallow structurally controlled mineralisation within the Ultramafic Contact Fault (UCF).

The company added that visual indications from ongoing drilling and assays from three drill holes received to date, suggest that the shallow zone of copper-gold mineralisation now being delineated at the UCF represents a major exploration breakthrough.

“We have now received assays from step-out drilling which has intersected substantial zones of high-grade copper-gold mineralisation up to 320 metres to the south-east of the discovery hole SMD050 – a fantastic result we believe can become a significant discovery at Thursday’s Gossan,” Stavely Minerals executive chairman Chris Cairns said in the company’s announcement to the Australian Securities Exchange.

“While the latest intercept for SMD053 was narrower than those reported in SMD050 and SMD051, this is not unexpected as any structurally hosted copper-gold deposit is likely to pinch and swell along strike as drilling advances.

“However, this latest intercept did host some significantly higher gold grades along with the high-grade copper results – and that is a very pleasing development.

“Additionally, the position of the high-grade copper-gold-silver mineralisation in SMD053 as internal to the serpentinised ultramafic is a target that we had not previously anticipated as hosting mineralisation, and this opens up further structural target opportunities which we will be pursuing.

“We now have three diamond drill rigs operating on-site and, while a focus on maximising drill core recovery has resulted in some down-hole equipment failures, we are confident the drill contractor is addressing the challenging drilling conditions.

“It is the classic nightmare for a driller – trying to drill through both very hard and very soft mineralised material without washing anything away.

“We are very pleased that every drill hole that successfully intercepted the target structure has returned very strong copper-gold-silver mineralisation, now defined over 360 metres in strike extent from visual observations of drill core from SMD054 to these assay results in SMD053.

“Further strong copper-gold-silver mineralisation was returned in historical drill hole SNDD001, located over 100 metres further to the north-west of SMD054.

“And the mineralisation remains open in all directions.

“We expect the rate of news flow to accelerate significantly as we hit our stride drilling at full capacity with the current complement of three drill rigs and a fourth expected later in the month.

“Drilling will focus on both extending the known mineralisation and in-fill drilling to provide increased confidence in the continuity of mineralisation between the intercepts reported to date.”

 

Email: info@stavely.com.au

Web: www.stavely.com.au

 

THE DAILY ROADHOUSE

Stavely Minerals Undertaking $19.6 Million Raising

THE BOURSE WHISPERER: Stavely Minerals (ASX: SVY) is conducting a capital raising of $19.6 million by way of a share placement of 19.6 million shares at $1.00 per share.

Saturn Metals Upgrades Apollo Hill Gold Resource

THE DRILL SERGEANT: Saturn Metals (ASX: STN) has completed an updated Mineral Resource estimate for the Apollo Hill gold deposit at the company’s 100 per cent-owned Apollo Hill gold project near Leonora in the Western Australian Goldfields.

Meteoric Resources Continues Juruena Golden Run

THE DRILL SERGEANT: Meteoric Resources (ASX: MEI) announced the latest batch of assays from the company’s 100 per cent-owned Juruena gold project in Brazil.

Auroch Minerals Progresses Saints Nickel Project Drill Program

THE DRILL SERGEANT: Auroch Minerals (ASX: AOU) kept the market up to date on the progress of its maiden drilling program underway at the company’s recently-acquired Saints nickel project near Kalgoorlie in Western Australia.

Independence Group Teams up with Apollo Consolidated at Louisa Nickel Sulphide Project

THE BOURSE WHISPERER: Independence Group (ASX: IGO) has entered a farm-in and joint venture with Apollo Consolidated Limited (ASX: AOP).