Drilling Update – ‘The Bank’ Breccia Gold Prospect, Ravenswood Project, NE Queensland

November 28, 2016

Both vein-hosted and breccia-hosted sulphide mineralisation intersected
in all three diamond drill holes completed to date

Highlights

  • Diamond drilling at ‘The Bank’ breccia prospect is continuing with three drill holes completed, a fourth in progress and a fifth planned.
  • Vein-hosted and breccia-hosted mineralisation has been intersected in all three drill holes completed to date with possibly the more significant intercept being a 38m interval of sulphide mineralised breccia in drill hole SRD002 and a 70m intercept of sheeted quartz-sulphide veins in drill hole SRD003.
  • The drilling programme is expected to be completed by the end of the first week in December with initial assays expected within the next few weeks.
  • Based on structural measurements of the mineralisation observed in drill hole SRD002 (under ‘The Bank’ breccia hill), an additional drill hole (SRD005) is being planned as a further test of Hamish’s Hill from the northeast.
  • ‘The Bank’ breccia prospect, which has not previously been drilled, is considered to be either a porphyry-related breccia pipe or a breccia-hosted Intrusive-Related Gold System (IRGS).
  • Notable IRGS gold deposits in north-east Queensland include Kidston (5Moz), Ravenswood (4.8Moz), Mount Leyshon (3.5Moz), Red Dome (2.1Moz) and Mungana (1.1Moz).
  • ‘The Bank’ is the first of four IRGS / porphyry copper-gold discovery opportunities to be drill tested by Stavely in the coming months in Queensland and Victoria.

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