Stavely Minerals (ASX:SVY) has identified multiple new regional porphyry targets after reviewing recent and historical data from the company’s namesake copper-gold project in western Victoria.
An independent review was completed by Fathom Geophysics’ Dr Dan Core, utilising 2022 field season soil auger and reconnaissance aircore geochemistry data from the 2022 field season alongside historical data.
Stavely, which has a $26.42 million market capitalisation, will be progressing these targets to the diamond drilling stage by additional low-cost soil auger sampling and aircore drilling as part of its current field season.
The company notes these targets represent ‘genuine opportunities’ to add to the ‘high-grade’ Cayley lode copper-gold discovery using much more cost-effective exploration and drilling methods as opposed to the deep porphyry target at the Thursday’s Gossan prospect.
Today’s news comes after Stavely completed drilling this deep porphyry target at Thursday’s Gossan.
Commenting on the new targets, Stavely Minerals Managing Director and Executive Chair Chris Cairns says: “The new regional porphyry targets generated by Dr Dan Core using our regional soil auger and aircore geochemical data look very credible.
The targets are particularly robust given they are supported by similar gravity signatures to those at the Toora West and Thursday’s Gossan porphyry centres. We look forward to progressing these exciting targets with aircore drilling in the upcoming spring/summer field season, which is scheduled to commence shortly.
The recently completed deep porphyry drillhole at the Drysdale prospect is enigmatic as it appears to demonstrate abundant multi-phase quartz veining with vein textures that imply that they formed at the top of, or above, a porphyry intrusion.
“Additionally, while the quartz veining is not well mineralised with sulphides for most of the drillhole, the more abundant sulphides are associated with a phyllic alteration overprint over an interval of approximately 200m“
Additionally, while the quartz veining is not well mineralised with sulphides for most of the drillhole, the more abundant sulphides are associated with a phyllic alteration overprint over an interval of approximately 200m.
The most notable sulphide veins include some of the tennantite-tetrahedrite family of arsenic/antimony copper sulphides normally found in intermediate epithermal settings, which again suggests being above ‚ or a cooler overprint on — the porphyry-style stockwork quartz veining. We will review this drillhole with the assistance of our consulting porphyry experts.”
The Stavely Project covers a 1,000km-square area over the ‘highly prospective’ Stavely Volcanic Belt in Western Victoria.
Stavely Minerals is a copper exploration company focused on making discoveries needed for a low-carbon future. As of 30 June 2023, the company had $1.656 million cash and cash equivalents at hand, according to its latest quarterly report. Stavely completed a $3.55 million share placement on 6 July.
Write to Aaliyah Rogan at Mining.com.au
Images: Stavely Minerals