Stavely Minerals has found a significant shallow high-grade copper-gold discovery at the Thursday’s Gossan prospect in Victoria, arising from assay results from the first step-out diamond hole
The step-out diamond hole, SMD051, is located 160 metres south-east of the discovery drill hole SMD050.
Assay results showed 59 metres of 1.80 per cent copper, 0.43 grams/tonne (g/t) gold and 15.4g/t silver.
Results included 8.5 metres of 4.38 per cent copper, 0.87g/t gold and 32.7g/t silver and three metres of 5.66 per cent copper, 0.29g/t gold and 4.6g/t silver.
A second intercept also found eight metres of 9.69 per cent copper, 0.40g/t gold and 16.8g/t silver, including two metres of 17.3 per cent copper, 0.57g/t gold and 13.1g/t silver.
The breakthrough is due to review of drill core, assay results and other data, which showed that the project was similar to the richest hill on earth, Butte, Montana and the Magma, Arizona copper deposits.
Stavely executive chairman Chris Cairns said the recognition the company should be using a Magma/Butte high-grade structurally-controlled mineralisation model for exploration drill targeting had been rewarded with spectacular success in the first two diamond holes drilled.
“As we accelerate drilling along this fertile structure, we expect to see further examples of this natural variance in grade and thickness. However, we should also pause to reflect that we have only just commenced drilling of this exceptionally exciting shallow target, so we are optimistic that we will be able to generate further outstanding results as drilling accelerates,” Cairns said.
“This new Magma / Butte model has significantly expanded our ‘search space’ and a number of previous shallow historical air-core and RC intercepts of massive sulphides are clearly much more significant than previously thought and are now considered to be high-priority targets for diamond drill testing.
Cairns said a second diamond would arrive on site to increase drilling capacity, while the company hoped to also have a third drill deployed soon to begin testing similar regional targets.