Stavely Minerals

Stavely reports “high-grade” copper-gold-silver intercepts at Cayley Lode leading up to MRE

Stavely Minerals Limited (ASX: SVY) has reported “high grade” copper-gold-silver hits from resource drilling at the Cayley Lode discovery within the Thursday’s Gossan prospect at the company’s Stavely Copper-Gold Project.

Key results include:

  • Diamond Hole SMD156:
    • 22.8m @ 2.27% Cu, 0.38g/t Au & 19g/t Ag from 247m, including
      • 3m @ 6.86% Cu, 1.00g/t Au & 11g/t Ag, and
      • 4.7m @ 4.07% Cu, 0.78g/t Au & 77g/t Ag
  • Diamond Hole SMD156W1 (wedge hole to SMD156):
    • 23.1m @ 1.67% Cu, 0.25g/t Au & 19g/t Ag from 246.9m down-hole, including:
      • 3.1m @ 6.21% Cu, 0.69g/t Au & 77g/t Ag

Drill-out program leading up to MRE

The diamond holes are part of a resource drill-out program which is designed to fill drilling gaps leading up to a maiden resource estimate, expected later in 2021. The program is focused on extending mineralisation to the south-east and at depth within the 1.5km-long discovery zone.

The company reports that multiple porphyry targets are being prioritised for testing in the spring, which it believes may point to a new porphyry province in western Victoria.

Stavely project

Located on the Stavely tablelands 250km west of Melbourne, The 1,046km² Stavely Project covers a “highly prospective” area over the Stavely Volcanic Belt and is comprised of a 100% owned retention licence RL2017, the Black Range Joint Venture licence EL5425 and exploration licence application EL6870.

The project is home to the Thursday Gossan prospect, a near-surface secondary chalcocite-enriched blanket with an estimated mineral resource of 28Mt at 0.4% Cu.

Written By Jonathan Norris
Jonathan is a founder of and has been covering the resources industry since 2018. With over 17 years experience in print, broadcast and online media, Jonathan has seen first hand the transformative effect of online niche media.