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Stavely Minerals Ltd.
Summary
| Project: | Stavely | |
|---|---|---|
| Deposit: | Gossan | |
| Location: | Australia | |
| Commodities: | Copper-Gold-Silver | |
| Date: | 7/3/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 3-7-2017: Stavely Minerals Ltd. announces an Exploration/Drilling Update report for its Gossan deposit at the Stavely project. Drilling results incl. 24m @ 0.64% Cu, 1.20g/t Au, 4g/t Ag from 22m. Stavely Minerals Limited (ASX Code: SVY – “Stavely Minerals | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Chris Cairns (Internal) | |
| ABSTRACT: | Stavely Minerals Limited (ASX Code: SVY – “Stavely Minerals”) is very pleased to advise that it has achieved a significant breakthrough in its ongoing search for a world-class porphyry copper-gold deposit at its 100%-owned Stavely Project in western Victoria (Figures 1, 2 and 3) after receiving the results of a recent 20-hole RC drilling programme at the Thursday’s Gossan copper deposit. The shallow drilling, which was designed to follow-up a new interpretation of the controls on high-grade copper-gold mineralisation in the near-surface chalcocite-enriched copper ‘blanket’ at Thursday’s Gossan, has intersected thick zones of strong porphyry-style copper-gold mineralisation, representing a potentially highly significant development. This - 2 - ASX RELEASE 3 July 2017 new interpretation was developed from observations in drill core co-funded by the Victorian Government’s Target Exploration Initiative. As outlined in the Company’s ASX announcement of 9 March, Stavely Minerals recently drilled four sections of five holes each for a total of 20 RC drill holes to confirm an interpretation that high-grade copper-gold mineralisation near surface at Thursday’s Gossan is hosted by sulphide-rich veins in structures ‘leaking’ from a porphyry intrusion at depth. Stavely Minerals’ original interest in the project was based on the recognition, in previous explorers’ drill core, of evidence of intense high-level alteration associated with strong copper-gold mineralisation. The Company’s belief was that these attributes were indications that a second-phase copper-gold porphyry existed at depth that had not yet been seen in the historical drilling. | |
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