Stavely Generates Outstanding Porphyry Drill Target at Toora West, Western Victoria

July 12, 2017

Very large and very strong IP chargeability anomaly of up to 50mV/V identified south of previous drilling – petrology on previous drill holes confirms porphyry-style alteration

Highlights

  • Significant new drill target identified at the Toora West prospect, located ~800m to the south of the first two diamond drill holes drilled by Stavely in early 2017.
  • The maiden drilling programme successfully confirmed the existence of a ‘blind’ intrusive complex compositionally and texturally consistent with a porphyry copper-gold environment.
  • Additional Induced Polarisation (IP) geophysical programmes undertaken in recent months have now identified a very large and very strong IP chargeability anomaly.
  • Petrographic analysis of core from Stavely’s maiden diamond drilling programme has identified an early potassic (biotite / K-spar) alteration and later propylitic (chlorite) alteration overprint. This alteration is interpreted to be consistent with a distal porphyry setting.
  • Collectively, these attributes provide a compelling porphyry copper-gold discovery opportunity, requiring drill testing as a Priority 1 drill target.
  • Toora West is part of Stavely’s 100%-owned Yarram Park Project, located near its flagship Stavely Project where it recently announced a significant breakthrough in drilling targeting a major porphyry discovery at Thursday’s Gossan (ASX, 3 July).

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