Victorian copper boom coming

Big flurry of results about to begin...............
The Thursday's Gossan high-grade copper-gold discovery is part of Stavely's namesake copper-gold project in Victoria.This drilling is aimed at delineating high-grade, near-surface copper-gold-silver mineralisation over an extensive strike in the Cayley Lode. This is set to complement and expand the current inferred mineral resource of 28 million tonnes at 0.4 per cent copper at Thursday's Gossan. Gold and silver are yet to be estimated.Due to the collars of drill holes testing the Cayley Lode mineralisation at increasing depths move further west, Stavely believes the upper portions of the holes will start to intercept the inferred, near-surface position of the Copper Lode Splay (CLS). It seems drill hole SMD093 has done exactly that.SMD093 has intersected a very broad zone of low-grade copper mineralisation. Results include 299.7 metres at 0.4 per cent copper from 35 metres including 64 metres at 0.68 per cent copper and 18 metres at 1.11 per cent copper in the interpreted CLS.The hole also intersected 30.1 metres at 1.44 per cent copper, 0.21g/t gold and 4.4g/t silver from 304.6 metres including four metres at 3.17 per cent copper, 0.26g/t gold and 7.5g/t silver from 306 metres in the Cayley Lode."Within a very broad interval of nearly 300 metres at 0.40 per cent copper from 36m, the hole has encountered the parallel Copper Lode Splay and returned 18m at 1.11 per cent copper," Executive Chairman Chris Cairns said.Further new assays within the Cayley Lode include 15 metres at 3.59 per cent copper, 2.73g/t gold and 18g/t silver including one metre at 2.41 per cent copper, 24.6g/t gold and 16.5g/t silver from 222 metres in SMD096.Hole SMD095 also returned significant results including 10 metres at 2.33 per cent copper, 0.45g/t gold and 20g/t silver from 224 metres."The identification of the Copper Lode Splay close to surface may have significant implications for the scale of a potential phase one open pit development. Clearly, there is a great deal of drilling to be done to confirm this potential, but we do now have the funding available to pursue this opportunity aggressively," Chris added.In late July this year, Stavely launched a 28 million capital raise to accelerate drilling at Cayley Lode and progress the economic studies required to make a development decision.A resource drill-out is continuing on the southeastern end of the now 1.5 kilometre-long discovery zone. Infill and step-out drilling is ongoing and progressing well.Once near-surface potential is confirmed and similar regional targets are tested, drilling will aim to confirm the depth potential of the mineralisation at Cayley Lode, the North-South Structure and the CLS.Stavely plans to drill two 1500-metre holes to test the two interpreted porphyry targets.This drilling will begin in November and is expected to be completed between February and March next year.