Stavely Minerals Limited (Stavely Minerals) (ASX: SVY) is a mineral exploration company formed to acquire early to advanced stage exploration projects with demonstrated high potential for additional discovery.
Stavely Minerals was founded and is operated by members of the former Integra Mining Limited management team with a track record of discovery and value creation.
In January 2013, Stavely Minerals agreed to purchase the Stavely and Ararat Projects from BCD Resources. The agreement was formally executed on 20 May 2013. The Ararat and Stavely Projects are located approximately 200 kilometres west of Melbourne in western Victoria and are respectively just west of the regional centre of Ararat and just east of the regional town of Glenthompson.
On 6 May 2014, the Company was admitted to the Official List of the ASX Limited following a successful Initial Public Offering which raised $6.1 million.
Stavely Minerals’ Ararat Project hosts the Mount Ararat copper-gold-zinc-silver VMS deposit with an estimated Resource of Total Mineral Resource of 1.3Mt at 2.0% copper, 0.5 g/t gold, 0.4% zinc and 6 g/t silver for a contained 26kt of copper, 21,000 ounces of gold, 5.3kt of zinc and 242,000 ounces of silver (using a 1% lower cut-off).
Volcanic Massive Sulphide deposits typically occur in clusters. Past exploration has focussed on the Mt Ararat Copper deposit. Observed sulphide mineralisation, magnetite and manganese-rich intervals in the RC drill holes into the Carroll’s prospect, to the north of the Mount Ararat Deposit, has confirmed the continuation of the highly prospective VMS exhalative environment.
The Ararat Project is also highly prospective for Stawell-style gold mineralisation and intrusive-related gold deposits.
The Company’s Stavely Project hosts the Thursday’s Gossan Chalcocite-enriched Blanket Resource with an estimated 28Mt at 0.4% copper for a contained 110kt of contained copper (using a 0.2% Cu grade lower cut-off).
Stavely Minerals’ contention is that previous explorers failed to recognise the high level of exposure of the Thursday’s Gossan porphyry complex and that the potential for well-mineralised copper-gold porphyry(s) at depth is excellent. The Stavely area is compared to the Cadia Valley and Goonumbla districts at an early stage of evaluation.
Assay results and technical data from drilling completed by Stavely Minerals all support the Company’s conceptual model that the fluids responsible for the copper-gold mineralisation at Thursday’s Gossan have migrated up structures from a late-stage alkalic copper-gold porphyry source at depth. The target zone has now been relatively well defined and drilling is in-progress in a step-wise progression that will materially advance what has been identified as a significant discovery opportunity.
The Yarram Park Project is located within an area where interpretation of the regional aeromagnetic data has identified the presence of an offset portion of either the Mount Stavely Belt, or the Bunnagul Belt, beneath the Quaternary cover. Both the Mount Stavely Belt and the Bunnagul Belt are considered to be highly prospective for intrusive-related porphyry copper-gold and diatreme-hosted gold mineralisation.
Maiden drilling, in early 2017, confirmed the existence of the correct host rocks and the presence of distal porphyry-style alteration. A very large and very strong, up to 50mV/V chargeability anomaly has been identified from a subsequent extension of the original IP geophysical survey. This IP anomaly is located approximately 800m to the south of the previous drilling and is a Priority 1 drill target for Stavely Minerals.
In February 2016, the Company acquired the Ravenswood Project in North Queensland, near the historical Ravenswood mining centre, which has +4Moz of combined historical and modern gold production. The Ravenswood Project is highly prospective for gold-copper mineralisation, with excellent potential for orogenic and intrusive-related gold mineralisation, as well as having four porphyry copper-molybdenum-gold prospects identified.