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Stavely Minerals Ltd.
Summary
| Project: | Stavely | |
|---|---|---|
| Deposit: | Thursday's Gossan | |
| Location: | Australia | |
| Commodities: | Copper-Gold-Silver | |
| Date: | 10/7/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 7-10-2019: Stavely Minerals Ltd. announces an Exploration/Drilling Update report for its Thursday's Gossan deposit at the Stavely project. Drilling results incl. 59m @ 1.80% Cu, 0.43g/t Au, 15.4g/t Ag from 98.0m. 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 advise that assay results for the first step-out diamond hole together with indications from ongoing drilling have confirmed a significant shallow high-grade copper-gold discovery at the Thursday’s Gossan prospect, part of its 100%-owned Stavely Copper-Gold Project in Victoria (Figure 1). The Company has received assay results for the second diamond drill hole, SMD051, targeting shallow structurally controlled mineralisation within the Ultramafic Contact Fault (UCF) (see ASX releases, 11 September 2019 and 26 September 2019). SMD051, which is located 160m to the south-east of discovery drill hole SMD050 (Figures 2 and 3), intersected a thick zone of shallow copper-gold-silver mineralisation with stunning grades of up to 1 metre at 19.3% copper in a second zone of mineralisation (Figure 4). Visual observations of drill core from the second and third step-out holes SMD052 and SMD053, each located a further 80m to the south-east respectively, indicate that both of these holes encountered zones of massive to semi-massive mineralisation over narrower down-hole widths. Assays for these holes are pending. Of note is that for the best mineralised interval in SMD053 (see visual description in Appendix 2 and Figure 6), the mineralised structure has migrated into the Serpentinite unit and both this position and the UCF has not been well tested by SMD052 because it hit the low-angle structure (LAS) before reaching either position. More drilling is required to assess this possibility. | |
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