Victorian exploration and development company Stavely Minerals (ASX:SVY) is continuing its exploration program at the Stavely Copper-Gold Project in western Victoria.
The company reports this exploration program follows an ‘extensive’ review of regional and near-resource discovery opportunities identified last year.
The deep porphyry target drilling program comprises 4 deep hole drillholes completed in a horizontal fence across the downward projection of the plunge of the Cayley Lode.
Deep porphyry target diamond drillhole 1 (SMD183) intersected a narrow interval of carbonate-base metal and possibly precious metal mineralisation, like previous holes that have drilled under the plunge of the ‘high-grade’ copper-gold mineralisation in the Cayley Lode.
Previous drilling in hole SMD073 intersected 5m @ 2.35% zinc (Zn), 0.40% lead (Pb). 0.25% copper (Cu), 1.67g/t gold (Au), and 27g/t silver (Ag) associated with rhodochrosite carbonate, reflecting a cooler style of mineralisation compared to that of the Cayley Lode.
The company says deep porphyry drillhole 3 (SMD185) similarly intersected carbonate-base metal and possibly precious metal mineralisation over an interval from 772m drill depth to 829m drill depth.
While the sphalerite abundance is expected to provide sub-economic zinc assays, Stavely notes that elsewhere in the project when these veins are observed, can return moderate to ‘significant’ precious metal values which can only be verified by assay results.
With deep porphyry target diamond drillhole 2 (SMD184) having failed at around 400m drill depth, the collar has shifted 25m to the south and is now being re-drilled as SMD186. Stavely reports the drill rods got bogged at a depth of around 530m in SMD186 with the core barrel stuck in the rods.
The company says a Hall-Rowe wedge has been placed at 519m to drill a HQ diameter bit through the PQ rod wall and continue the hole with HQ3 diameter core.
Commenting on the exploration, Stavely Minerals Executive Chair and Managing Director, Chris Cairns says: “While it is incredibly frustrating to have been drilled since mid-January to test this critical target without reaching the target zone, we have now planned a contingency drillhole to approach this target from the opposite direction and avoid this huge structural zone.
While the drilling of these deep drillholes have presented some ‘significant’ challenges, we have a ‘strong’ belief in the technical merits of the targets we have lined up for testing and we encourage shareholders to be patient as we work to unlock the full potential of this large, well-mineralised system.”
“we have a ‘strong’ belief in the technical merits of the targets we have lined up for testing…”
As of 11 April, Stavely reports ongoing equipment issues downhole have resulted in no further drill progress with the inner tube stuck in a broken core barrel just past the wedge.
As a contingency, an alternate drillhole has been designed to test this target from an east to west drill direction that will avoid the problematic structural zone.
The company says the area targeted by deep porphyry drillholes 2 and 4 is underlain by a discrete magnetic feature proximal to the intersection of the northwest Cayley Lode structure and a north-south and is also located below a ‘significant’ copper-in-soils auger geochemical anomaly.
Deep porphyry drillhole 4 has begun as SMD187 and is currently at a depth of about 250m and is progressing. Stavely says drilling conditions are challenging in broken ground with zones of intense clay alteration.
Stavely Minerals is a mineral resource company focused on exploring and developing the Stavely, Yarram Park, and Ararat copper-gold-silver projects in Western Victoria.
Images: Stavely Minerals Ltd
