Stavely Minerals has unlocked what it describes as another “monster” copper-gold hit at Cayley Lode in Victoria.
The latest drilling result included an intercept of 87 metres at 1.74 per cent copper, 0.57 grams per tonne of gold and 20 grams per tonne of silver, which Stavely Minerals dubbed “exceptional”.
The discovery, which was at drill hole SMD087, is considered to be on par with the discovery hole intercept of 32 metres at 5.88 per cent copper, one gram per tonne gold and 58 grams per tonne silver at SMD050, due to the large overall copper-gold-silver interval and significant gold grades.
Stavely Minerals chairman Chris Cairns said the company continued to be pleasantly surprised by the consistency and continuity of mineralisation in Cayley Lode, having also unearthed strong copper-silver-gold mineralisation at the SMD085 and SMD073 drill holes.
“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 program to define the full extent of the Cayley Lode and other structures,” Cairns said.
“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.
“The good width and grades of copper-gold-silver mineralisation returned in SMD085 is a really exciting development for the project. (It) confirms that the strike extent of Cayley Lode has increased to 1.5 kilometres, with the deposit remaining open along strike in both directions and down-dip.”
According to Cairns, the results highlight the significant lateral and vertical extents of the copper-lode style systems, suggesting Stavely will unlock further upside as it continues drilling.
Stavely will use the data gathered in this drill course to feed into its maiden joint ore reserves committee (JORC) mineral resource estimate that will be completed later this year.