Significant New Breccia-Hosted Gold Target Identified at Ravenswood Project, Queensland

September 01, 2016

Outstanding discovery opportunity identified near Resolute Mining’s 4.8Moz Ravenswood Gold Mine as a result of multi-pronged exploration programmes by Stavely’s geological team

Highlights

  • Exciting new gold exploration opportunity identified at Stavely’s 100%-owned Ravenswood Project at a prospect known as “The Bank” breccia.
  • Recent geochemical results from soil sampling and rock-chip sampling indicate a high-level of exposure indicative of a breccia-hosted intrusive-related gold system (IRGS).
  • The dimensions of the breccia pipe are similar to that at the ~1Moz Mount Wright Gold Mine located 10km north of the 4.8Moz Ravenswood gold mining operation, owned by Resolute Mining Limited (ASX: RSG).
  • “The Bank” breccia demonstrates a classic high-level geochemical signature with strong silver, arsenic, antimony and lead geochemical anomalism associated with typically spotty gold anomalism.
  • This indicates that the best developed gold mineralisation should be preserved at depth below the current level of exposure (as was the case at the Mount Wright and Kidston Gold Mines).
  • 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).
  • Approvals and consents for diamond drill testing of this exceptional discovery opportunity are currently being fast-tracked.

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