Impressive Thick Porphyry-Style Copper-Gold Intercepts at Thursday’s Gossan, Victoria

August 23, 2017

New diamond drill results including 124m at 0.31% Cu and 0.12 g/t Au plus individual assays of up to 5.17% Cu and 1.26 g/t Au provide further evidence that Stavely Minerals may be closing-in on a substantial porphyry copper-gold discovery in western Victoria 

Highlights

  • Outstanding follow-up results received from recently completed diamond drill ‘tails’ to shallow Reverse Circulation (RC) drilling at the Thursday’s Gossan copper deposit, part of the 100%-owned Stavely Copper Project in western Victoria.
  • Strong porphyry-style copper-gold mineralisation intersected, including:
    • 124 metres at 0.31% copper and 0.12 g/t gold, including
      • 13 metres at 0.31% copper and 0.35 g/t gold, and including
      • 6 metres at 2.35% copper and 1.05 g/t gold
    • 36 metres at 0.43% copper and 0.20 g/t gold, including
      • 20 metres at 0.65% copper and 0.30 g/t gold, including
      • 1 metre at 5.17% copper and 1.26 g/t gold
    • 85 metres at 0.35% copper and 0.18 g/t gold, including
      • 35 metres at 0.44% copper and 0.28 g/t gold
    • 53 metres at 0.37% copper and 0.15 g/t gold, including
      • 23 metres at 0.57% copper and 0.20 g/t gold
    • 88 metres at 0.22% copper and 0.10 g/t gold, including
      • 3 metres at 0.92% copper and 0.32 g/t gold
  • These copper-gold mineralised intercepts are hosted within structurally controlled intermediate argillic alteration, supporting Stavely’s conceptual model that the metals are ‘leaking’ up structures from a potentially copper-gold mineralised porphyry at depth.
  • The highest grade interval of 1 metre at 5.17% copper and 1.26 g/t gold was associated with the copper-sulphide mineral bornite, confirming the potential for materially higher gold and copper grades in the target potassic alteration zone.
  • Assays are awaited from further diamond ‘tails’ completed as part of a more recent programme. These results are expected in the next few weeks.
  • Follow-up deeper drilling is being planned as a priority to follow the structures down towards the expected high-grade copper-gold core of the Thursday’s Gossan porphyry system.

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