Stavely Minerals Limited (ASX: SVY) is preparing to embark on a significant new phase of exploration activity at its 100%-owned Stavely Copper-Gold Project in Western Victoria, Australia, after completing a review of regional and near-resource discovery opportunities.
Highlights:
* Significant new porphyry target established immediately SE of the Cayley Lode deposit following a recent review of data and drill core by Dr Steve Garwin, in conjunction with site-based personnel. Dr Garwin is Chief Technical Adviser to SolGold Plc.
* The review has identified that the mineralization is transitioning in character from a distal ~250°C to 300°C high-sulphidation assemblage with characteristic copper sulphide minerals enargite and covellite, to a hotter ~400°C to 450°C intermediate-sulphidation assemblage with chalcopyrite-hematite-specularite-and magnetite.
* While the sulphide assemblage of mineralization at the Cayley Lode has previously been noted as zoned spatially and temporally, the intermediate-sulphidation assemblage demonstrated by drill holes SMD173 and SMD182 (the last and deepest drill-holes on the Cayley Lode) are interpreted as reflecting temperatures of deposition/thermal stability that would be considered proximal to the causative porphyry long targeted by Stavely.
* Of significance, the transition to an intermediate-sulphidation assemblage is also apparently associated with a significant increase in the relative gold grade where gold grades are approaching equivalence to copper grades. For example, SMD182 had an upper intercept1 of:
o 10.4m at 4.34% Cu and 3.17g/t Au and 11g/t Ag from 421m drill depth, including 4.9m at 6.74% Cu, 6.45g/t Au and 19g/t Ag from 426m drill depth
*A range of mineral and element ratios (Cu/Zn, chalcopyrite/pyrite, Cu/S, Ag/Pb and K/Na) assessed by Dr Garwin all “vector towards to a copper-gold-silver rich core in the south-eastern part of the [Cayley] Lode with potential to host a porphyry cupola [the top of a porphyry] near holes SMD159, 160-163, 173 and 182.”
* Stavely Minerals is planning to drill a wide-spaced (150m-spaced pierce point) panel of six diamond drill-holes to extend the Cayley Lode down-plunge with the objective of confirming the further transition of high-grade copper-gold mineralization to that hosted by the causative porphyry. This program will commence in January 2023.
“Following on from our recent review of regional exploration opportunities for the upcoming exploration season, we were pleased to host highly respected exploration consultant Dr Steve Garwin at site to review the Thursday’s Gossan/Cayley Lode data and drill core,” Executive Chair and Managing Director, Chris Cairns, said.
“Dr Garwin’s insights have assisted the site team to recognise a systematic zonation of sulphides in the high-grade copper-gold mineralized structures which has provided us with an exciting new exploration direction based on targeted drilling to pursue the Cayley Lode at depth to the south-east.
“This south-eastern plunge already represented a valid and very exciting near-resource exploration target given the increasing width, grade and tenor of the mineralisation in our last few deeper drill- holes. We have also now recognised that the mineral assemblage in these last few, and so far deepest, drill-holes into the Cayley Lode during the resource drill-out show an increase in temperature of mineral formation which, if it continues, should bring us towards the causative porphyry.
“It is with great anticipation now that we are planning to drill a number of wide-spaced diamond drill- holes to further ‘walk the mineralisation down’ below the base of existing drilling at approximately 380m below surface and test for the continuation of the Cayley Lode down to approximately 700m below surface. We expect that it is likely the mineralisation will transition further into porphyry-style copper-gold mineralization.”
For further information please visit: https://www.stavely.com.au/
