Stavely Minerals Limited (ASX: SVY) has announced that results from extensional two-hole diamond drilling completed at the high-grade Mt Ararat VMS deposit have extended mineralisation at depth by approximately 100m.
Diamond drill hole SADD011 intersected significant mineralisation from 205.4m down-hole, including 6.6m at 2.48% Cu, 0.38g/t Au and 0.39% Zn while DD hole SADD012 intersected high-grade mineralisation from 299.9m down-hole, including 6.1m at 3.15% Cu, 0.41g/t Au and 0.28% Zn, located ~100m below the previous deepest intercept on this section in drill hole M94_1.
Mineralisation at the Mt Ararat VMS deposit has now been defined over a strike extent of approximately 800m
Mineralisation at the Mt Ararat VMS deposit has now been defined over a strike extent of approximately 800m and to a depth of approximately 250m and remains open at depth.
The company said that the strong drilling results highlight potential for Mt Ararat deposit to form part of an expanded project based on the Cayley Lode discovery.
Extensional DD programme at Ararat project
The company had recently commenced a limited extensional drilling programme comprising two diamond drill holes, SADD011 and SADD012, at Ararat project. Mt Ararat has an existing Mineral Resource estimate of 1.2Mt at 2.0% copper, 0.50g/t gold, 0.40% zinc, and 6g/t silver.
The extensional diamond drilling programme was aimed to test the depth potential of the Mt Ararat copper-gold-zinc Volcanogenic Massive Sulphide (VMS) deposit, located ~40km north-east of the Cayley Lode discovery.
Strong drilling results
The company reported that the latest drilling indicates strong potential to expand the current Mineral Resource.
SADD011
SVY reported that diamond drill hole SADD011 intersected significant mineralisation from 205.4m down-hole, including 6.6m at 2.48% Cu, 0.38g/t Au and 0.39% Zn (4.67g/t AuEq) (true width ~4m), including 1.1m at 6.70% Cu, 0.49g/t Au, 0.85% Zn and 9.2g/t Ag (11.99g/t AuEq) from 209m.
Diamond drilling results for SADD011SADD012
The company said that the diamond drill hole SADD012 intersected significant mineralisation from 299.9m down-hole, including 6.1m at 3.15% Cu, 0.41g/t Au and 0.28% Zn (5.80g/t AuEq) (true width ~4m), including 1m at 8.74% Cu, 1.72g/t Au, 0.77% Zn and 13g/t Ag (16.69g/t AuEq) from 301m.
SVY noted that the DD hole SADD012 intersected high-grade copper-gold-zinc mineralisation approximately 100m deeper than the previous deepest intercept on that section in drill hole M94_1, which had recorded an intercept of 2.27m at 4.61% Cu, 0.28g/t Au and 0.31% Zn and 12g/t Ag (8.24g/t AuEq) from 175.4m down-hole.
Significant intersections are shown below.
Substantial extensions to Mt Ararat deposit
The company said that the mineralisation at the Mt Ararat VMS deposit is incredibly consistent and has now been defined over a strike extent of approximately 800m and to a depth of approximately 250m and remains open at depth.
Stavely Minerals said that preliminary metallurgical testwork on the Mt Ararat mineralisation indicated a copper recovery of 89% and a concentrate grade of 27% copper while gold recovery was 85% with a concentrate grade of 20g/t gold and no penalty constituents.
MRE for Cayley Lode
SVY said that it anticipates the maiden Mineral Resource Estimate for the Cayley Lode to be completed towards the end of calendar 2021. The Company said that the high-grade VMS mineralisation at Mt Ararat could make a contribution to the future production profile.
The company said that further follow-up diamond drilling has been planned to test the depth extent of the mineralisation at the Mount Ararat VMS deposit
What’s next?
The company said that further follow-up diamond drilling has been planned to test the depth extent of the mineralisation at the Mount Ararat VMS deposit.
SVY reported that it is progressing the Thursday’s Gossan Project to the Scoping Study stage of economic studies once Mineral Resource Estimate for the Cayley Lode is completed.
Image Source: Stavely Minerals Limited
