Stavely Minerals Reveals ‘Another Monster’ Gold-Copper Hit (ASX:SVY)
The Stavely Minerals Ltd [ASX:SVY] share price is up today by 34.26%. At time of writing, shares are trading at 72.5 cents.
Stavely Minerals is an exploration company listed on the ASX. The company has projects in Western Australia, North Queensland, Tasmania, and Victoria.
What happened today?
Today Stavely Minerals released the results for their ongoing drilling program at the Thursday’s Gossan prospect. The prospect is located in the Stavely Copper-Gold project in Victoria, of which the company owns 100%.
The goal of the drilling program is to uncover high-grade, near-surface copper-gold-silver mineralisation over a significant strike extent in the Cayley Lode.
Diamond drilling revealed an ‘exceptional intercept’ of 87m at 1.74% copper, 0.57 g/t gold, and 20 g/t silver. This includes individual interval grades of up to 24% copper and 10 g/t gold.
Another diamond drill hole yielding 23m at 1.07% copper, 0.11g/t gold from 339m confirmed that the strike of the Cayley Lode extends to 1.5km with mineralisation remaining open along the strike in both directions and down-dip.
This follows up on drilling updates dating back to February and May, which also revealed good results.
Stavely Minerals’ Executive Chairman, Chris Cairns, said:
‘It is fair to say that we continue to be amazed by the scale of this mineral system and we may have to contemplate an acceleration of our drilling programme to define the full extent of the Cayley Lode and other mineralised structures including the Copper Lode Splay and the North-South Structure. Preliminary interpretations of data from two recently acquired seismic lines suggest there may be additional sub-vertical structures that could also host high-grade copper-gold-silver mineralisation that have not yet been drill tested.
‘The drilling continues to reveal local variations in the widths of the mineralisation, as we expected from the outset, but generally speaking the deposit is behaving exactly as we had hoped –with the resource drill-out now well advanced and generating some excellent data that will feed into our maiden JORC Mineral Resource estimate later this year.’
Resource drilling continues with four rigs in operation. As of 31 March 2020, the company had $13.9 million in cash.
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For The Daily Reckoning Australia