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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).

 

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.

Stavely Minerals said the raising would be used to fund accelerated gold and copper-gold exploration in western Victoria, Tasmania and Queensland, and for working capital purposes.

The raising comes quick on the heels of the company’s confirmation for its 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 executive chairman Chris Cairns said the company was extremely pleased with the response from investors to the capital raising and with the level of support shown for the company’s projects.

“Stavely Minerals is now very well-funded to accelerate our drilling at the exciting Thursday’s Gossan prospect – where we have enjoyed recent drilling success – and other regional targets in the company’s 100 per cent-owned Stavely project while also advancing our gold targets in Tasmania and Queensland,” Cairns said in the company’s announcement to the Australian Securities Exchange.

 

Email: info@stavely.com.au

Web: www.stavely.com.au

 

Stavely Minerals Confirms Outstanding Copper-Gold Discovery

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) set the boards of the ASX alight by confirming its 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 had previously set the gold bulls running with the release of results it achieved from diamond hole SMD050 the company had drilled targeting high-grade structurally controlled copper-gold-silver mineralisation within the Ultramafic Contact Fault (UCF).

To recap – diamond hole SMD050 intersected:

32 metres at 5.88 per cent copper, 1 gram per tonne gold and 58g/t silver from 62m down-hole, including 12m at 14.3 per cent copper, 2.26g/t gold and 145g/t silver, including 2m at 40 per cent copper, 3g/t gold and 517g/t silver; and

4.4m at 3.98 per cent nickel and 0.23 per cent cobalt from 96.7m drill depth.

Stavely Minerals has now received results for a second diamond drill hole, SMD051, that also targeted shallow structurally controlled mineralisation within the Ultramafic Contact Fault (UCF).

SMD051 was carried out 160m to the south-east of discovery drill hole SMD050 and intersected a thick zone of shallow copper-gold-silver mineralisation, producing stunning grades of up to one metre at 19.3 per cent copper in a second zone of mineralisation.

Results include:

59m at 1.8 per cent copper, 0.43g/t gold and 15.4g/t silver from 98m down-hole, including 8.5m at 4.38 per cent copper, 0.87g/t gold and 32.7g/t silver from 106.6m; and

3m at 5.66 per cent copper, 0.29g/t gold and 4.6g/t silver from 134m.

The hole encountered a second very high-grade intercept of:

8m at 9.69 per cent copper, 0.4g/t gold and 16.8g/t silver from 177m drill depth, including 2m at 17.3 per cent copper, 0.57g/t gold and 13.1g/t silver from 179m.

Stavely said visual observations of drill core from the second and third step-out holes SMD052 and SMD053, each located a further 80m to the south-east respectively, indicate that both of these holes encountered zones of massive to semi-massive mineralisation over narrower down-hole widths.

Assays for these holes are pending.

“The recognition that we should be using a Magma/Butte high-grade structurally-controlled mineralisation model for our exploration drill targeting has now been rewarded with spectacular success in the first two diamond holes drilled to evaluate a shallow 500 metre long target at the Ultramafic Contact Fault,” Stavely Minerals executive chairman Chris Cairns said in the company’s announcement to the Australian Securities Exchange.

“In conjunction with the narrower intercepts in SMD052 and SMD053, each drilled 80 metres further along strike to the south-east, we believe this change in the thickness and grades of mineralisation reflects a natural pinching and swelling of the structural zone which will produce inherent variations along strike and down-dip.

“As we accelerate drilling along this fertile structure, we expect to see further examples of this natural variance in grade and thickness.

“However, we should also pause to reflect that we have only just commenced drilling of this exceptionally exciting shallow target, so we are optimistic that we will be able to generate further outstanding results as drilling accelerates.

“We are now drilling some closer-spaced holes to the original intercept in SMD050 to understand any secondary structural controls on the very high-grade copper-gold-silver mineralisation while awaiting assay results from SMD052 and SMD053, which will then inform the next steps for drilling.

“This new Magma / Butte model has significantly expanded our ‘search space’ and a number of previous shallow historical air-core and RC intercepts of massive sulphides are clearly much more significant than previously thought and are now considered to be high-priority targets for diamond drill testing.

“A second diamond rig arrives on site today to increase our drilling capacity, and we would hope to have a third drill rig deployed quite soon to begin testing similar regional targets in the not too distant future.”

 

Email: info@stavely.com.au

Web: www.stavely.com.au

 

Stavely Minerals Encounters Second Thick Bornite Zone

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) update the market on progress of a diamond drill hole currently underway at the Thursday’s Gossan prospect, part of the company’s 100 per cent-owned Stavely copper-gold project, in Western Victoria.

Stavely Minerals reported the hole had encountered a second substantial zone of visual copper sulphide mineralisation including an interval containing bonanza bornite mineralisation.

Stavely previously reported an intersection from drill hole SMD044 at Thursday’s Gossan of a broad zone of copper sulphide mineralisation from 584 metres to 697m down-hole.

The new interval is from 890m to 938m and contains semi-massive and vein pyrite with bornite-chalcocite stringers and disseminations.

The latest result follows the earlier 110-metre intercept of chalcopyrite-bornite mineralisation and, based on visual inspection of the core by experienced Stavely geologists, has outdone the previous interval to be the best visual intercept returned from the project to date.

“The second, deeper zone of visual mineralisation encountered in the latest drill hole represents another exciting breakthrough for the company’s exploration team in its search for the core of the porphyry system at Thursday’s Gossan,” Stavely Minerals executive chairman Chris Cairns said in the company’s announcement to the Australian Securities Exchange.

“Hot on the heels of the 110-metre intercept of chalcopyrite-bornite copper mineralisation we announced last week, this is some outrageously good looking bornite-chalcocite copper mineralisation.

“Importantly, we are confident that this assemblage is clearly hotter and is likely proximal to the porphyry we are after.

“We believe that these two well-mineralised structures converge to the south and that will be the target for our next drill hole – which, after a small ‘wedge’ hole to get another intercept to confirm the orientation of the mineralisation, we hope to commence in early March.”

 

Email: info@stavely.com.au

Website: www.stavely.com.au

 

Stavely Minerals Raises $8.3M to Advance Exploration

THE BOURSE WHISPERER: Stavely Minerals (ASX: SVY) completed a capital raising of up to $8.3 million to be spent on fast-tracking exploration of the company’s gold and porphyry copper-gold projects in western Victoria and Queensland.

Stavely Minerals explained the capital raising was underpinned by a Share Placement of 20 million shares at 34 cents per share to sophisticated and institutional investors to raise $6.8 million before costs.

Stavely has not left its existing shareholders out of the fun and is undertaking a Share Purchase Plan (SPP), also at 34 cents, to raise up to a further $1.5 million.

The company indicated the funds raised through the combined Share Placement and SPP will primarily be used to accelerate drilling programs in western Victoria testing a suite of porphyry copper-gold targets, including advanced exploration at the Thursday’s Gossan prospect where recent deep diamond drilling has delivered results indicating proximity to a potentially large-scale copper-gold porphyry.

Follow-up exploration programs are also planned this year on the company’s Queensland projects targeting epithermal and intrusive-related gold mineralisation.

“Over the past 18 months we have been systematically narrowing in on a potential copper-gold porphyry discovery at the Thursday’s Gossan prospect and we are now well funded into the next phase of exploration drilling at this very exciting prospect,” Stavely Minerals managing director Chris Cairns said in the company’s announcement to the Australian Securities Exchange.

“And, with a recent Earn-in and Joint Venture Agreement in-place with Navarre Minerals, Stavely Minerals has further augmented a dominant tenure position in an under-explored alkalic copper-gold porphyry belt.

“With drill testing also about to commence at the exciting Toora West porphyry target, we have the opportunity to highlight multiple discovery opportunities within the belt – and therefore to realise greater value for shareholders by emphasising that Stavely Minerals could have its foot on an entire porphyry belt rather than just one very exciting prospect.

“This is a key attribute that can enhance Stavely’s attractiveness to the larger gold and resources companies.”

 

Email: info@stavely.com.au

Website: www.stavely.com.au

Stavely Minerals Encouraged by Ravenswood Results

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) said it has been encouraged by reconnaissance exploration results from the company’s 100 per cent-owned Ravenswood project in north Queensland.

Activity was carried out at the Dreghorn prospect, a group of prospects situated south of the Burdekin River that include the Area 8, Rhyolite Ridge, Ellen Boss, Ellen Boss East, Albion-Queenslander, Rejoice, Hidden Treasure and Percy Keene prospects.

At the Area 8 prospect, surface rock-chips have returned assay results to 0.65 grams per tonne gold, 106g/t silver, 39ppm arsenic and 83ppm antimony.

At the Bowerbird prospect, high-grade rock chip results included 14.2 per cent copper, 279ppm silver, 0.8 per cent zinc and 0.57 per cent lead.

“This exploration potential is particularly enhanced by the fact that Bowerbird is not far from the Area 8 prospect, displaying low-sulfidation colloform and crustiform quartz veining and associated anomalous geochemistry,” Stavely Minerals said in its ASX announcement.

“Further follow-up mapping and sampling is planned.”

Rock chip sampling at the Ravenswood Central prospects returned further encouraging assay results including:

36.6 g/t gold from a 5-10cm thick low-angle quartz vein at the Connolly Far North prospect;

5.54 g/t gold and 2.18 g/t gold from quartz veins at the Trieste prospect;

3.71 g/t gold and 1.88 g/t gold from the Kirker’s prospect; and

0.76 g/t gold and 151 g/t silver from the Dreghorn North prospect.

“Of particular interest, while there were a number of steep to moderate dipping quartz veins, there were also a large number of low-angle quartz veins observed at surface and in creek exposures in the Connolly North and Connolly Far North prospects,” Stavely said.

“Large areas of flat, platy quartz vein float could be indicative of a larger vein system similar to those at the Sarsfield and Nolans deposits at the Ravenswood gold mine, approximately 15 kilometres away.

‘Future work in the Connolly area will likely involve some Induced Polarisation (IP) geophysical surveying aimed at identifying a response from a higher density of quartz veins and associated disseminated sulphide halos.”

 

Email: info@stavely.com.au

Website: www.stavely.com.au