Stavely Minerals Ltd (ASX:SVY) has resumed drilling at Thursday’s Gossan deposit of its Stavely Copper-Gold Project in Victoria after receiving encouraging copper results.
The drilling aims to progress into the hotter part of the mineralised system, where higher-grade copper and significantly higher-grade gold are expected to be located.
Staveley is drilling at the Thursday’s Gossan deposit as well as at the Mount Staveley prospect to the south.
Wide intersections
Best results from the former are:
39 metres at 0.31% copper from 363 metres, including 5 metres at 1.10% copper and 0.15 g/t gold; and
13 metres at 0.45% copper from 552 metres, including 2 metres at 1.73% copper and 0.20 g/t gold.
Strong copper-gold mineralisation
Drilling at Thursday’s Gossan has been designed to follow-up on previous porphyry magnetite vein intercepts below a low-angle structure.
It is also designed to test magnetic features, which may reflect the presence of magnetite veins or disseminated magnetite associated with copper-gold mineralisation.
Drilling resumes
The diamond drilling at Thursday’s Gossan has resumed after the Christmas break.
Two holes are targeting the untested southerly plunge of a quartz diorite porphyry that hosts porphyry magnetite veins.
These veins are considered to be an early intrusive phase associated with porphyry copper-gold mineralisation.
- Jessica Cummins