Key Breakthrough for Stavely with Strong Porphyry-Style Copper-Gold Mineralisation Intersected at Thursday’s Gossan, Victoria

July 03, 2017

New RC drill results including 24m at 0.64% copper and 1.2 g/t gold support Stavely’s conceptual model and suggest that it is now closing in on a major discovery opportunity

Highlights

  • Outstanding initial results received from recently completed shallow reverse circulation (RC) drilling at the Thursday’s Gossan copper deposit, part of the 100%-owned Stavely Project in western Victoria.
  • Strong porphyry-style copper-gold mineralisation intersected, with several RC holes ending in mineralisation. Intercepts include:
    • 24 metres at 0.64% copper and 1.2 g/t gold
    • 29 metres at 0.53% copper and 0.30 g/t gold to end-of-hole (EoH); including
      • 4 metres at 1.39% copper and 0.5 g/t gold
    • 25 metres at 0.52% copper and 0.37 g/t gold to EoH
    • 3 metres at 4.14% copper and 0.36 g/t gold
  • Copper-gold mineralisation intercepted over 400 metres strike extent and could easily extend beyond 1 kilometre.
  • The strength and tenor of the mineralisation intersected, plus the higher gold grades, make these the most important results generated from the Stavely Project to date.
  • The mineralisation is interpreted to be hosted within upper-level phyllic (sericite-pyrite) to argillic (kaolinite) alteration, meaning that even better developed mineralisation should be located at depth within the potassic (potassium feldspar-biotite-magnetite) alteration.
  • Selected RC drill holes have been extended with diamond drill hole ‘tails’ and assays are pending for these intersections, which are visually very encouraging.
  • Follow-up deeper drilling is being planned as a priority to target the high-grade core of the Thursday’s Gossan porphyry system.

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