Ann: New 124m Intercept of Porphyry M Veins, page-3

Not sure how the market will take this news

Drilling now focused on the WEST


Further highly encouraging indications from recently completed diamond drill-hole SMD022 at Thursday’s Gossan, which has intersected:

o The thickest interval of 124m of porphyry ‘M’ veins to date from 70m to 194m; o These ‘M’ veins are located at shallow depth above the low-angle structure (LAS) and are interpreted as being indicative of close proximity to copper-gold mineralisation.  SMD022 was drilled some 80m north-west of the original ~100m porphyry ‘M’ vein intercept in SMD015. 


Recently completed diamond holes SMD018, 019 and 020 were drilled south of SMD015 and intersected abundant quartz-pyrite ± chalcopyrite ± molybdenite stockwork veining and occasional porphyry ‘D’ veins, but only relatively narrow intervals of proximal porphyry ‘M’ veins. 

These are strong indications that the main mineralisation is located to the west/ north-west of SMD015, in an area with no previous RC or diamond drilling.  “After the excitement of the 100m intercept of porphyry ‘M’ veins in SMD015, we decided to target the next drill holes to the south of this hole. In hindsight, we should have moved to the north, with SMD022 having encountered the thickest interval of porphyry ‘M’ veins to date.

This is great news as we were spatially constrained to the south by our previous drilling, whereas there is no previous RC or diamond drilling to the west and north-west. We have plenty of room for a decent sized copper-gold porphyry system to the north-west and drilling continues with two diamond rigs. “It is the visual geology that is now driving our progress towards the core of the copper-gold porphyry at Thursday’s Gossan. While we certainly have a large number of assays pending, they are not necessary to determine our next move, and the only intercept that counts now is the discovery intercept. In that respect, we will see it well before we get assays for it – with the only true unknown being what the gold grade is.” – Stavely Minerals’ Managing Director Chris Cairns.