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Stavely Minerals Ltd.
Summary
| Project: | Stavely | |
|---|---|---|
| Deposit: | Thursday's Gossan | |
| Location: | Australia | |
| Commodities: | Gold-Silver-Copper | |
| Date: | 3/12/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 12-3-2019: Stavely Minerals Ltd. announces an Exploration/Drilling Update report for its Thursday's Gossan deposit at the Stavely project. Drilling results incl. 952m @ 0.23% Cu from 11m. Stavely Minerals Limited (ASX Code: SVY – “Stavely Minerals”) is pl | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Chris Cairns (Internal) | |
| ABSTRACT: | Stavely Minerals Limited (ASX Code: SVY – “Stavely Minerals”) is pleased to advise that partial assay results have been received for the top 980 metres of recently completed diamond hole SMD044 at the Thursday’s Gossan prospect, part of its 100%-owned Stavely Copper-Gold Project, located in Western Victoria (Figures 1 and 2). The results received to date have returned the thickest and highest-grade intervals seen at Thursday’s Gossan to date, confirming the significance of this breakthrough hole, which encountered a very broad zone of copper sulphide mineralisation including the first significant intervals containing bornite mineralisation – the best visual intercept returned from the Project to date. This follows the re-orientation of the drilling angle based on the new interpretation of the potential location of the porphyry outlined recently (see ASX announcement, 18 January). Stavely Minerals’ Executive Chairman Mr Chris Cairns said the assay results received so far for SMD044 confirmed the significance of this +1km deep hole as a pivotal development in the Company’s ongoing search for a world-class porphyry discovery. “Following a series of technical breakthroughs in recent months, we now feel we are making really big, important and rapid steps towards unlocking a major discovery,” he said. “The results we have announced today include an absolute whopper intercept of low-grade copper mineralisation of 952 metres at 0.23% copper. We believe that this very broad zone of copper mineralisation, in predominantly propylitic alteration, reflects the very large scale of the mineralised hydrothermal system at Thursday’s Gossan – and therefore reinforces the size of the prize. “Also included in these results are the highest-grade intercepts over meaningful widths we have seen from our drilling to date, including 10m at 2.43% copper and 0.30g/t gold on the Copper Lode Splay structure and 38.3 metres at 1.59% copper, 0.27g/t gold and 8g/t silver on the North-South Structure. “We have long said that we felt that Thursday’s Gossan prospect had all the attributes of a well-mineralised porphyry copper-gold system and it is very pleasing to finally see the coppergold grades we have been seeking. It is important to note that we are not yet into the target porphyry, but these results do represent a very significant step forward in that these structurally-controlled copper lodes are recognised as potentially proximal to a porphyry source in a similar manner that the Magma Copper Mine lodes are related to the recently discovered, very large and high-grade Resolution copper porphyry in Arizona, USA. | |
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