DID ANYONE READ THE WHOLE ANNOUNCEMENT LOL....THIS IS THE...

DID ANYONE READ THE WHOLE ANNOUNCEMENT LOL....THIS IS THE REST,“'''''''HOWEVER''''' we need to be thinking of the potential scale of the system as it becomes better
drill defined and what that could translate to as a development proposition. The potential for
additional near-surface lodes could add to that in a meaningful way, not to mention what
additional lodes at depth may mean for a possible Phase 2 underground.
“In addition to completing the drilling required for a maiden JORC Mineral Resource estimate
later this year, we are also commencing various ancillary programmes including metallurgical
test-work, environmental monitoring and groundwater monitoring that will provide critical
information to the various stages of future development studies.”
Figure 1. Stavely Project location map.
ASX Announcement 25 August 2020
Page 4
New Drilling Results
Stavely Minerals has long believed that there are at least two parallel zones of higher-grade
copper-gold-silver mineralisation located close to surface within the chalcocite-enriched
blanket that hosts the 28Mt at 0.40% copper Inferred Mineral Resource (see Stavely Minerals
2018 Annual Report). As early as March 2017, Stavely had recognised two parallel zones in
the shallow historic air-core drilling conducted as part of the original Mineral Resource drilling
programme. Many of these air-core holes were drilled vertically, not inclined, and were
consequently not drilled at an ideal orientation to identify what is now known to be the
steeply dipping high-grade copper-gold-silver lodes upon which the chalcocite-enriched
blanket is developed. Realistically, the likelihood of these ~80m spaced vertical drill holes
intercepting the lode-style mineralisation was remote. Nevertheless, there were enough to
recognise the parallel trends (see ASX announcement 9 March 2017 and Figure 4).
It had been anticipated that, as the collars for drill holes targeting the Cayley Lode at depth
migrated further to the west, the upper portion of these holes should begin intercepting the
parallel CLS at shallow depths. Now, drill hole SMD093 has intercepted a very broad zone of
low-grade copper mineralisation (Figure 5) with:
o 299.7m at 0.40% Cu from 35m down-hole including
▪ 64m at 0.68% Cu from 35m, including
• 18m at 1.11% Cu from 36m in the interpreted CLS
▪ 30.1m at 1.44% Cu, 0.21g/t Au and 4.4g/t Ag from 304.6m in the Cayley
Lode, including
• 4m at 3.17% Cu, 0.26g/t Au and 7.5g/t Ag from 306m
The CLS had been intercepted at depth in some earlier diamond drilling including (Figure 7):
o 6m at 6.73% Cu, 0.84g/t Au and 15g/t Ag from 538m down-hole in SMD032 (see ASX
announcement 18 December 2018), and
o 10m at 2.43% Cu, 0.30g/t Au and 11g/t Ag from 583m down-hole in SMD044 (see
ASX announcement 12 March 2019)
The CLS has also been inferred to approach surface as noted in a coherent zone of copper ±
gold ± silver intercepts in shallow historical air-core drilling conducted to define the extents
of the chalcocite-enriched blanket Mineral Resource drilling (see ASX announcement 9 March
2017 and Figure 4) including:
o 12m at 1.08% Cu and 0.24g/t Au (no Ag assay) from 30m down-hole in TGAC004
o 9m at 1.76g/t Au (no Ag assay) from 26m and 6m at 1.1% Cu from 62m in TGAC013
Meanwhile, other significant new intercepts from ongoing drilling targeting the Cayley Lode
are summarised below:
Diamond drill hole SMD094 (Figure 6) intersected:
o 53m at 0.39% Cu in the chalcocite-enriched blanket from 50m down-hole
ASX Announcement 25 August 2020
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o 4.9m at 2.14% Cu, 0.33g/t Au and 9.8g/t Ag in the Cayley Lode under the LAS from
347m down-hole
Diamond drill holes SMD095, SMD096 and SMD097 were all drilled from similar collar
locations but were drilled at different azimuths in an attempt to drill a ‘fan’ of holes under
the railway to define the Cayley Lode as it continues at depth to the south.
Diamond drill hole SMD095 (Figure 6) intersected:
o 50m at 0.40% Cu in the chalcocite-enriched blanket from 28m down-hole;
o 10m at 2.33% Cu, 0.45g/t Au and 20g/t Ag in the Cayley Lode above the LAS from
224m down-hole.
Diamond drill hole SMD096 (Figure 6) intersected:
o 25m at 0.52% Cu in the chalcocite-enriched blanket from 33m down-hole;
o 15m at 3.26% Cu, 0.62g/t Au and 16g/t Ag in the Cayley Lode above the LAS from
220m down-hole.
Additionally, in duplicate sampling as part of Stavely Minerals’ ongoing QA/QC programme,
the same interval in SMD096 returned significantly higher gold grades including:
o 15m at 3.59% Cu, 2.73g/t Au and 18g/t Ag from 220m down-hole, including:
▪ 1m at 2.41% Cu, 24.6g/t Au and 16.5g/t Ag from 222m, indicating that
there is likely to be some nuggetty particulate gold in the system.
Diamond drill-hole SMD097 (Figure 6) intersected:
o 18m at 0.63% Cu in the chalcocite-enriched blanket from 38m down-hole; and
o 4.8m at 3.56% Cu, 0.46g/t Au and 29g/t Ag in the Cayley Lode above the LAS from
255.8m down-hole.
The intercepts in SMD096 and SMD097 appear to have been truncated by the LAS and may
have originally been of greater width