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Stavely Minerals Ltd.
Summary
| Project: | Stavely | |
|---|---|---|
| Deposit: | Thursday's Gossan | |
| Location: | Australia | |
| Commodities: | Gold-Silver-Copper | |
| Date: | 5/29/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 29-5-2018: Stavely Minerals Ltd. announces an Exploration/Drilling Update report for its Thursday's Gossan deposit at the Stavely project. Drilling results incl. 194m @ 0.16% Cu from 180m. Stavely Minerals Limited (ASX Code: SVY – “Stavely Minerals”) is p | |
| 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 program 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 1.83g/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: “Our observations from recent drilling, together with Dr Corbett’s recent site visit, have given us even greater confidence that we are very close to drilling a hole into the centre of the Thursday’s Gossan coppergold porphyry. We have seen all the key ingredients we would want to see for a wellmineralised copper-gold system, including strong copper and gold mineralisation from late porphyry ‘D’ veins, strongly oxidised fluids responsible for well-developed ‘M’ (magnetite) veins equating to enhanced gold potential, patchy K-spar alteration, actinolite alteration, and multiple phases of intrusion, alteration, veining and mineralisation. “Collectively, these indicators tell us both that we are very close to tagging the core of this system with a drill hole in the near future and, once we do, that we could expect that it will be well-mineralised with copper and gold. “While the drilling programme is continuing with two drill rigs at Thursday’s Gossan and a third testing regional targets in the Ararat and Stavely Projects, I do appreciate that investors have been patiently waiting for the drilling to finally penetrate the potassic core at Thursday’s Gossan. While it does take around a month to drill each 800m hole, we certainly hope the results will justify the wait.” | |
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