Stavely Minerals has uncovered one of its best drilling results to date at the Cayley Lode discovery at the Thursday’s Gossan prospect, part of its Stavely copper-gold project in Victoria.
The new intercept unearthed a high-grade zone of 28 metres at 3.31 per cent copper, 0.49 grams per tonne of gold, which is the company’s third best drill intercept at the Cayley Lode.
This included assays from drill hole SMD104 of 144 meters at 1.04 per cent copper, 0.15 grams per tonne of gold and 3.4 grams per tonne of silver from 35 metres; 84 metres at 1.55 per cent copper, 0.23 grams per tonne of gold and 5 grams per tonne of silver from 95 metres; and 28 metres at 3.31 per cent copper, 0.49 grams per tonne of gold and 7.1 grams per tonne of silver from 151 metres.
It is located around 275 metres south-east along strike from Stavely’s previous discovery intercept of 32 metres at 5.88 per cent copper, 1 gram per tonne of gold and 58 grams per tonne of silver.
“The Cayley Lode continues to deliver some quite exceptional shallow drill intercepts of high- grade copper, gold and silver mineralisation,” Stavely Minerals executive chairman Chris Cairns said.
“The 144 metre intercept from just 35 metres 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.”
According to Cairns, there is more drilling yet to come at the the Thursday’s Gossan prospect, with large-capacity diamond drill rigs will be deployed at Thursday’s Gossan in the communing weeks .
“There is a large amount of drilling still in front of us and the potential for further incredible results like these is compelling.” he said.
“…We are expecting two large-capacity diamond drill rigs on-site in the next couple of weeks to commence drilling two 1,500 metre diamond drill holes to test for the blind porphyry system we expect is driving this very large mineralised system.”