Stavely Minerals Limited (ASX: SVY) has drilled a “significant” intercept in its ongoing resource drilling within the high-grade Cayley Lode discovery at the Thursday’s Gossan prospect, part of its 100%-owned Stavely Copper-Gold Project in Victoria.
Executive Chairman, Chris Cairns, said the “spectacular” new intercept in diamond hole SMD104, located ~275m south-east along strike from the discovery hole, continues to reinforce the scale, continuity and shallow nature of the copper-gold-silver mineralisation within the Cayley Lode.
The Cayley Lode continues to deliver some quite exceptional shallow drill intercepts of high- grade copper, gold and silver mineralisation,” Mr Cairns said.
“The 144m intercept from just 35m down-hole is a timely reminder that our drill definition program on the Cayley Lode is continuing to produce spectacular intercepts.
“We expect this to continue as drilling progresses – both the current shallow Mineral Resource definition drilling program and later as drilling migrates to defining the Cayley Lode, and other lodes at depth.
“As exceptional as the intercept in SMD104 is, it ranks on a copper grade times width basis as the third best drill intercept from the Cayley Lode behind the discovery intercept of 32m at 5.88% Cu, 1.00g/t Au and 58g/t Ag in SMD050 and a more recent intercept of 87m at 1.74% Cu, 0.57g/t Au and 20g/t Ag in SMD08.”
Mr Cairns said an intensive resource drill-out is continuing with a focus of extending to the northwest within the (now) 1.5km long discovery zone, with in-fill and step-out drilling continuing based on a roughly 40m x 40m drilling grid.
“We are excited by the scale of the opportunity that continues to emerge at Thursday’s Gossan as ongoing drill programs continue to define the Cayley Lode both along strike and at depth. We now have significant drill intercepts in the Cayley Lode over more than 1.5 kilometres of strike as well as intercepts in other structural positions to drill depths of 1,150m.
“There is a large amount of drilling still in front of us and the potential for further incredible results like these is compelling.
“In addition to defining the known high-grade copper-gold-silver mineralisation in the three structures identified to date at the Thursday’s Gossan prospect – the Cayley Lode in the Ultramafic Contact Fault, the Copper Lode Splay and the North-South Structure – we are expecting two large-capacity diamond drill rigs on-site in the next couple of weeks to commence drilling two 1,500m diamond drill holes to test for the blind porphyry system we expect is driving this very large mineralised system.
“As these holes progress toward their respective porphyry target zones, they will traverse the volume of rock that hosts the three known mineralised structures and have the potential to identify additional mineralised structures not yet seen in drilling completed to date. It is a very exciting time for the team and Stavely Minerals’ shareholders – buckle up and enjoy the ride!”