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Stavely Minerals hits stringers at Forgan’s Find

Last updated: 00:30 25 Feb 2016 GMT, First published: 23:30 24 Feb 2016 GMT

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Stavely Minerals (ASX:SVY) has intersected massive to stringer sulphide zinc and copper mineralisation at the Carroll’s and Forgan’s Find volcanogenic massive sulphide deposits in Victoria.

The best hits from two diamond drill holes at the prospects, which form part of the Ararat project in the Lachlan Fold Belt, were: 0.2 metres at 1.77% zinc and 0.12% copper; 0.25 metres at 0.57% zinc and 0.13% copper; and 0.25 metres at 0.41% zinc.

While the intervals of sulphide mineralisation were relatively narrow, it is expected that this more zinc-rich mineralisation reflects a distal mineralised position relative to the Mt Ararat volcanogenic massive sulphide deposit which contains an inferred resource of 1.3 million tonnes at 2.0% copper, 0.5g/t gold and 0.4% zinc.

Stavely now intends to use down-hole geophysics in order to identify potential off-hole conductive responses which may indicate the presence of a better developed, wider and more copper and gold-rich centre core.

The hits recorded at Carroll’s and Forgan’s Find indicate that additional discovery opportunities exist within this belt, along which Stavely has 23 kilometres of owned and managed tenure.

The company also has well advanced soil sampling programs along a 13 kilometre extension to the prospective volcanogenic massive sulphide horizon, which will also assist in targeting gold mineralisation.

Stavely Minerals was founded and is operated by members of the former Integra Mining management team, which has a track record of discovery and value creation.

In 2013, Stavely bought the Stavely and Ararat projects from BCD Resources and in May 2014, Stavely listed on the ASX after an IPO which raised $6.1 million.

Stavely ‘s Ararat project hosts the Mt Ararat copper-gold-zinc-silver deposit with an estimated resource of total mineral resource of 1.3 million tonnes at 2.0% copper, 0.5 g/t gold, 0.4% zinc and 6g/t silver for a contained 26,000 tonnes of copper, 21,000 ounces of gold, 5,300 tonnes of zinc and 242,000 ounces of silver (using a 1% lower cut-off).

 

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