Extremely successful survey work at Stavely Minerals’ (ASX:SVY) Mt Ararat project in Victoria has added potential to a newly enlarged resource by identifying multiple new priority drill targets for VMS-style copper-gold-zinc mineralisation.
A strong induced polarisation (IP) chargeability anomaly has been generated at the recently identified Carroll’s VMS prospect, coincident with a 1.5 kilometre-long zinc-copper soil geochemical anomaly where rock chips returned 10.8% copper, 1.5 grams per tonne gold and 0.4% zinc.
Another large IP anomaly was identified at the Cathcart Hill prospect, where sampling has recorded gold grades up to 0.8 grams per tonne. Several additional IP features have also been identified and will require follow-up exploration.
Drilling is planned to begin next month while ongoing reconnaissance soil geochemistry and mapping programs extend along the 15 kilometres of stratigraphy within Stavely’s Ararat tenure.
These programs are expected to identify further opportunities for discovery, especially considering the propensity of VMS deposits to occur in clusters.
The highly-prospective IP VMS anomaly revealed today lies in the footwall to the newly enlarged Mt Ararat, which grew 11% in an updated estimate earlier this month to 1.3 million tonnes grading 2% copper, 0.5 grams per tonne gold, 0.4% zinc and 6 grams per tonne silver.
This inventory includes a resource in the higher-confidence indicated category of 250,000 tonnes at 2.2% copper.
Cash reserves were $3 million in September 2015.
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