Stavely Acquires Highly Prospective Ravenswood Gold-Copper Project in North Queensland

February 16, 2016

Excellent potential for orogenic and intrusive-related gold mineralisation adjacent to 4Moz Ravenswood goldfield; four identified porphyry prospects plus rare earths potential

Highlights

  • Stavely Minerals has acquired a highly prospective gold-copper exploration project in North Queensland, the Ravenswood West Exploration Permit Application (EPM26041), through the acquisition of private company Ukalunda Pty Ltd.
  • The Ravenswood West Project is located near the historical Ravenswood mining centre, which has +4Moz of combined historical and modern gold production.
  • High-grade gold mineralisation recorded at the Podosky’s Prospect (excised from EPM26041 and held by Kitchener Mining NL) with results including:
    • 6m at 16.7 g/t gold
    • 6m at 13.38 g/t gold
    • 5m at 12.06 g/t gold
  • The Ravenswood West Project has four identified porphyry copper-molybdenum-gold prospects – The Bank, Keane’s, Barrabas and Turkey Gully, none of which have had any drilling since the early 1970s.
  • Surface rock chip results of up to 49% copper, 0.24 g/t gold, 0.2% molybdenum and 1,793 g/t silver have been returned from these prospects.
  • Historical drill results from the Keane’s molybdenite prospect include:
    • 45 feet 3 inches (13.8m) at 0.26% molybdenum
    • 1 foot 7 inches (0.38m) at 2.26 ounces (70.3 g/t) silver per tonne
    • 9 feet (2.74m) at 9.6 pennyweight of gold plus silver (15 g/t) of which 0.58 g/t was gold
  • The Project area is underlain by a very large gravity low which is interpreted to reflect a large intrusive body at depth, and is likely to be the source intrusion for the multiple phases of higher-level porphyry intrusion at the three prospect areas. 
  • In conjunction with very strong regional structural trends, the Ravenswood West Project is considered to have excellent potential for porphyry, diatreme and intrusive-related mineralisation.
  • Early stage rare earths potential identified with very anomalous stream sediment sample results up to 0.25% cerium, 0.14% lanthanum and other rare earth elements yet to be followed up.
  • “At Ravenswood, Stavely has acquired an orogenic and intrusive related gold and porphyry base metals and gold project with outstanding exploration potential. It is located in a proven mineral district which has seen very little modern exploration, and offers the opportunity to target large mineralised systems at moderate depth. Plus, the rare earths potential is a genuine opportunity.” – Stavely MD Chris Cairns

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