Stavely Minerals Limited (ASX: SVY) has reported “outstanding” new results from drilling targeting deeper extensions of the mineralisation in the south-eastern sector of the Cayley Lode deposit, part of its 100%-owned Stavely Copper-Gold Project in western Victoria.
Diamond drill hole SMD182, which was collared south of the southern paddock, south of the railway, was designed to target the Cayley Lode at depth below the Low-Angle Structure. The intention was to test the south-easterly plunge of high-grade copper-gold-silver mineralisation at depth.
SMD182 has intersected two significant intervals of lode-style copper-gold-silver mineralisation, with the upper interval returning:
o 10.40m at 4.34% Cu, 3.17g/t Au and 11g/t Ag from 421.1m down-hole, including: 4.90m at 6.74% Cu, 6.45g/t Au and 19g/t Ag from 426m, including: 0.9m at 7.17% Cu, 30.6g/t Au and 52g/t Ag from 430m
The lower interval returned: o 14m at 1.24% Cu, 0.72g/t Au and 8.2g/t Ag from 503m down-hole, including: 2m at 3.56% Cu, 3.33g/t Au and 25g/t Ag, from 515m.
Managing Director, Chris Cairns, said that of note, aside from the high-grade copper characteristic of the Cayley Lode, is that the gold grades in these intercepts are materially higher than usually seen in the Cayley Lode.
Further drilling will be required to ascertain if this trend continues with depth. Future drilling will target extensions of this position and other opportunities at depth once the initial JORC Mineral Resource Estimate (MRE) for the shallow part of the Cayley Lode has been completed.
The final phase of the resource drill-out for the Cayley Lode is complete, paving the way for an initial MRE in Q2 2022.
“On behalf of the Board and shareholders, I would like to acknowledge the hard work and dedication of our field-based personnel,” Mr Cairns said.
“They can rightly be proud of their achievement in completing the initial Cayley Lode Mineral Resource drilling program. It has become a very substantial body of high-quality work that will provide a very solid foundation for this asset for many years to come.
“All of this was achieved in the highly stressful environment of an unprecedented pandemic and seemingly endless lockdowns. We acknowledge the assistance received from the State Government in recognising our employees as critical workers, allowing them to travel from their homes to the work site in regional western Victoria.
“Additionally, we acknowledge the long-term support of our major contractors, Titeline Drilling and ALS Laboratories. This body of work could not have been achieved without the consent and cooperation of the local landowners and we are also very grateful for their support. Lastly, but certainly not in the least, we are grateful for the patience of our shareholders in this journey.
“The geological interpretations are currently being refined and updated, and the Mineral Resource Estimate number-crunching will begin in earnest very shortly.
“We anticipate that once the initial Mineral Resource Estimate and Scoping Study have been released, we will map out our next steps in terms of Mineral Resource extensional objectives, nearby incremental resource addition opportunities, regional exploration opportunities and porphyry target opportunities at depth.
“The Mineral Resource extension opportunities and nearby incremental opportunities are expected to contribute to a Pre-Feasibility Study (yet to be approved by the Board) while the regional exploration and deeper porphyry opportunities are targeting ‘step-change’ opportunities that could fundamentally change the nature and scale of the Project.
“That is to say that, while we are rapidly approaching a very significant milestone for the Stavely Project in delivering the initial Mineral Resource Estimate and Scoping Study on a Phase 1 development, we are still at an early stage of a very exciting journey as first-movers in an emerging new copper province, at a time when additional copper supply is essential for a global imperative to achieve lower carbon emissions.”
For further information please visit: https://www.stavely.com.au/
