Ann: Thursdays Gossan Porphyry Target Drilling Update, page-27

Stavely Minerals presses on with exploration activity at namesake project in Victoria

https://mining.com.au/stavely-minerals-presses-on-with-exploration-activity-at-namesake-project-in-victoria/

Victorian exploration and development company Stavely Minerals(ASX:SVY) is continuing its exploration program at the Stavely Copper-GoldProject in western Victoria.

The company reports thisexploration program follows an ‘extensive’ review of regional and near-resourcediscovery opportunities identified last year.

The deep porphyry targetdrilling program comprises 4 deep hole drillholes completed in a horizontalfence across the downward projection of the plunge of the Cayley Lode.

Deep porphyry target diamonddrillhole 1 (SMD183) intersected a narrow interval of carbonate-base metal andpossibly precious metal mineralisation, like previous holes that have drilledunder the plunge of the ‘high-grade’ copper-gold mineralisation in the CayleyLode.

Previous drilling in holeSMD073 intersected 5m @ 2.35% zinc (Zn), 0.40% lead (Pb). 0.25% copper (Cu),1.67g/t gold (Au), and 27g/t silver (Ag) associated with rhodochrositecarbonate, reflecting a cooler style of mineralisation compared to that of theCayley Lode.

The company says deepporphyry drillhole 3 (SMD185) similarly intersected carbonate-base metal andpossibly precious metal mineralisation over an interval from 772m drill depthto 829m drill depth.

While the sphaleriteabundance is expected to provide sub-economic zinc assays, Stavely notes thatelsewhere in the project when these veins are observed, can return moderate to‘significant’ precious metal values which can only be verified by assay results.

With deep porphyry targetdiamond drillhole 2 (SMD184) having failed at around 400m drill depth, thecollar has shifted 25m to the south and is now being re-drilled as SMD186.Stavely reports the drill rods got bogged at a depth of around 530m in SMD186with the core barrel stuck in the rods.

The company says a Hall-Rowewedge has been placed at 519m to drill a HQ diameter bit through the PQ rodwall and continue the hole with HQ3 diameter core.

Commenting on theexploration, Stavely Minerals Executive Chair and Managing Director, ChrisCairns says: “While it is incredibly frustrating to have beendrilled since mid-January to test this critical target without reaching thetarget zone, we have now planned a contingency drillhole to approach thistarget from the opposite direction and avoid this huge structural zone.

Whilethe drilling of these deep drillholes have presented some ‘significant’challenges, we have a ‘strong’ belief in the technical merits of the targets wehave lined up for testing and we encourage shareholders to be patient as wework to unlock the full potential of this large, well-mineralised system.”