Stavely Minerals has unearthed significant copper-gold-silver at the Cayley Lode discovery within the Thursday’s Gossan prospect in western Victoria.
The company intersected high-grade gold-copper-silver mineralisation at drill hole SMD064 of 32 metres at 5.88 per cent copper, a gram per tonne gold and 58 grams per tonne silver during recent diamond hole drilling.
Other results, which Stavely has called “exceptionally high-grade”, include eight metres at 5.12 per cent copper, 1.48 grams per tonne gold and 34.3 grams per tonne silver from 121 metres down hole.
These results came during an intensive drill-out along the one-kilometre long discovery zone near the Grampians National Park in Victoria.
Stavely Minerals chairman Chris Cairns said continued strong mineralisation across varying widths and depths was promising for Cayley Lode’s future.
“Widths and grades will vary as the Cayley Lode pinches and swells but the consistency of the mineralisation is notable,” Cairns said.
“The presence of more zinc-rich mineralisation in (SMD073) hole is consistent with our butte/magma style mineralisation model, which predicts that we will encounter zinc-rich mineralisation out in the distal/cooler portions of the mineral system.
“SMD073 is a very significant drill hole as it demonstrates the system is behaving as it should; mineralisation does indeed continue below the low angle structure and the strike extent of the mineralised system is now in excess of one kilometre.”
Stavely Minerals will continue to drill in the area, focussing on an intensive drill-out, with four rigs operating within the main mineralised zone.
The company intends to outline further high-grade mineralisation near the surface across the Cayley Lode strike extent.
Once Cayley Lode’s potential is confirmed, it will complement the existing mineral resource of 28 million tonnes of 0.4 per cent copper at Thursday’s Gossan.