Stavely Minerals on the verge of expansion at its namesake project in Victoria

Stavely Minerals (ASX:SVY) has uncovered a ‘large’ new gold-silver mineralised breccia system at the S41 prospect within its namesake copper-gold project in western Victoria. 

The company says an initial diamond hole (STDD001) completed at the S41 prospect within its Stavely Copper-Gold Project has returned low-level gold-silver mineralisation within a poly-phase diatreme breccia. 

Additionally, the data generated from the drillhole, in conjunction with previous aircore (AC) drilling, has defined the breccia system over a northwest-oriented strike extent of 2km, highlighting the potential for ‘significant’ scale. 

Stavely now plans to undertake additional AC and diamond drilling in order to further map out this ‘significant’ hydrothermal mineralised system, as well as identify portions of the system containing higher gold grades. 

The company notes the drillhole intersected the hydrothermal breccia at a 180m drill depth and remained in breccia to the end of the hole at a 405m drill depth, with the outer margin of the breccia pipe to the southwest remaining untested. 

Stavely also reports it has identified carbonate-base metal-gold, which is considered amongst the most prolific for gold production in the South West Pacific. 

Key results from hole STDD001 include 1m @ 2.16g/t Au and 2.6g/t Ag from 282m drill depth and 37m @ 0.10g/t Au and 4.8g/t Ag from 320m drill depth, including 2m @ 0.56g/t Au from 320m and 5m @ 24.3g/t Ag from 353m drill depth.   

Drilling was completed as part of a new phase of regional exploration currently underway at the Stavely Project following an ‘extensive’ review of regional and near-resource discovery opportunities last year.   

Commenting on the discovery, Stavely Minerals Executive Chair and Managing Director Chris Cairns says: “The first diamond drillhole into the S41 prospect has been an unexpected revelation. Carbonate-base metal-gold systems are amongst the most prolific styles of gold mineralisation in the South West Pacific.

Importantly, the breccia-hosted systems have the potential for scale, as they can be large, multi-phase systems. On the other hand, they can be inconsistently gold-mineralised, with certain phases being gold-mineralised and with gold distribution being restricted to certain portions of the overall system, both laterally and vertically. What I like about what I see at the S41 breccia system is that it exhibits the six components required for a well-developed carbonate-base metal-gold mineral system.  

The first diamond drillhole into the S41 prospect has been an unexpected revelation.”

So, the challenge at S41 has become to map out the chemistry and carbonate distribution of this large hydrothermal system to identify target zones for better-developed gold mineralisation.

Stepping back, the identification of this style of mineralisation at S41 has important implications for the level of preservation of the ancient (500Ma) Stavely Volcanic Arc and firmly establishes this region as an emerging porphyry and epithermal province with enormous potential for additional discovery. Stavely Minerals has a dominant tenure position in the region and will continue to originate and pursue these large-scale discovery opportunities.”

Stavely Minerals is an ASX-listed company focused on discovering the copper that the world needs for a low-carbon future. The company’s namesake project is located over the ‘highly prospective’ Stavely volcanic belt in western Victoria and comprises the S41 prospect, which was identified — along with 18 other regional targets — by interpretation of Stavely Minerals’ proprietary Falcon Gravity Gradiometer data in conjunction with public domain regional aeromagnetic data.

Write to Adam Drought at Mining.com.au

Images: Stavely Minerals Ltd
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.