Stavely Minerals has unlocked what it describes as another “monster” copper-gold hit at Cayley Lode in Victoria.
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”.
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
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.
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.”
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.