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Stavely Minerals Ltd.
Summary
| Project: | Stavely | |
|---|---|---|
| Deposit: | Thursday's Gossan | |
| Location: | Australia | |
| Commodities: | Gold-Silver-Copper | |
| Date: | 4/20/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 20-4-2018: Stavely Minerals Ltd. announces an Exploration/Drilling Update report for its Thursday's Gossan deposit at the Stavely project. Drilling results incl. 92m @ 0.34% Cu, 0.12g/t Au, 4.4g/t Ag from 307m . Stavely Minerals Limited (ASX Code: SVY – “ | |
| 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 provide a further update from the ongoing diamond drilling programme at its 100%-owned Stavely Copper-Gold Project in western Victoria (Figure 1), where drilling at the Thursday’s Gossan porphyry target continues to deliver significant encouragement. Over the past several months drilling at Thursday’s Gossan has been systematically progressing with the objective of discovering copper-gold mineralisation associated with an alkalic porphyry system, similar to the Cadia Valley or the North Parkes copper-gold mines in central New South Wales. The Cadia-Ridgeway gold-copper deposit had total production to March 2012 of 76.7Mt at 1.83 g/t gold and 0.63% copper for a contained 4.5 million ounces of gold and 483,000 tonnes of copper1 . Stavely Minerals’ Managing Director, Chris Cairns, said: “The broad interval of coppergold mineralisation associated with late porphyry ‘D’ veins in SMD016 provides further strong evidence that the system at Thursday’s Gossan is well-endowed with copper and gold, as these types of late veins are commonly barren where noted in other porphyry - 2 - ASX RELEASE 20 April 2018 deposits around the world. A few notable exceptions to this include the Hugo Dummett zone at Oyu Tolgoi in Mongolia and the Grasberg porphyry in Irian Jaya. “Of significance is the additional porphyry ‘M’ vein intercept from a relatively shallow depth in recently completed hole SMD023. This interval displayed additional features that indicate to us that we are heading towards the core of this copper-gold porphyry. “The occurrence of early K-spar potassic alteration is particularly encouraging. While it is not pervasive, it does suggest that we are getting into the hotter part of the system. Also, the presence of classic ‘wormy’ early porphyry ‘A’ veins indicates that we are likely at the top of the system and that the best part of the copper-gold mineralised system is likely preserved. “Drill hole SMD025 has just commenced and is targeted into an area that has no historical RC or diamond drilling, but where our geological vectors are telling us the heart of the system could well be located.” | |
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