Stavely Minerals (ASX: SVY) has uncovered ‘surprisingly high-grade’ gold results from follow-up diamond drilling at the Toora West porphyry prospect within its namesake project in western Victoria.
Drilling has 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.
Hole STWD005 intersected two ‘high-grade’ gold zones including:
- 0.6m @ 4.27g/t Au, 0.31% Cu, 2.6g/t Ag, 130ppm Mo from 274.2m
- 0.6m @ 8.72g/t Au, 1.85% Cu, 5.2g/t Ag, 151ppm Mo from 286.7m
Addressing the results, Stavely Minerals Chair and Managing Director Chris Cairns said: “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. 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% to date.
“we are excited by what our recent drilling and geophysical programs have revealed”
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.”
The Toora West porphyry copper-moly-gold prospect is at an early stage of exploration evaluation, with drilling of three diamond holes completed in early January 2022 as a follow-up to previously-announced AC results.
In addition to diamond hole STWD005, the northernmost hole STWD006 intersected an interval of low-grade copper anomalism including 27m @ 0.15% Cu from 112m.
A third hole STWD007 intersected an interval of silver mineralisation near-surface along with deeper intervals of copper and molybdenum mineralisation. Importantly, the hole encountered high-tenor copper sulphide bornite.
Subsequent to the completion of drilling, a high-resolution drone magnetic survey was completed which identified a porphyry target just north of STWD006. The company considers this to be a ‘very compelling target’ that will be prioritised for diamond drill testing subject to access consent, weather, and ground conditions.
Additional AC work and a local ground-gravity survey are also in progress.
Images: Stavely Minerals Limited
