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 20th May 2013. The Ararat and Stavely Projects are located approximately 200 kilometres west of Melbourne and are respectively just west of the regional centre of Ararat, Victoria and just east of the regional town of Glenthompson.
On 6th 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.
In mid- 2015, the Company raised a further $3 million through a share placement and rights issue.
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 recently completed 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 Company’s Stavely Project hosts the Thursday’s Gossan Chalcocite 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.
The maiden deep drilling programme at the Thursday’s Gossan prospect has significantly advanced the search for porphyry copper-gold mineralisation. Interpretation of the recent drilling has resulted in an important breakthrough in the Company’s geological understanding, suggesting that the target zone has been fault offset to a position some 500m further east. This interpretation would bring the target zone significantly closer to surface and places it in an area which has been very lightly explored with sparse, shallow rotary air blast (RAB) drilling.
In February 2016, the Company acquired a highly prospective gold-copper exploration project in North Queensland, the Ravenswood Project. The project is located near the historical Ravenswood mining centre, which has +4Moz of combined historical and modern gold production and has excellent potential for orogenic and intrusive-related gold mineralisation with four identified porphyry copper-molybdenum-gold prospects. Additionally, early stage rare earths potential has been identified in the project.