Stavely Identifies Significant New Drill Targets at Ararat Project from Successful Geophysics

September 25, 2015

Drilling planned to commence in October to test several strong chargeability anomalies identified from recent geophysical programmes at the Carroll’s VMS prospect, the Mt Ararat VMS deposit, the Cathcart Hill gold prospect and several other unexplained targets

Highlights

  • A strong Induced Polarisation (IP) chargeability anomaly has been generated at the recently identified Carroll’s VMS prospect coincident with a 1.5km long zinc-copper soil geochemical anomaly which has previously returned in-situ rock-chip results of 10.8% copper, 1.5 g/t gold and 0.4% zinc.
  • A large and very strong IP chargeability anomaly has been identified in the footwall to the Mt Ararat VMS deposit (1.3Mt @ 2.0% copper, 0.5 g/t gold, 0.4% zinc and 6 g/t silver1). The known deposit is associated with a much smaller IP chargeability anomaly compared with the new footwall anomaly.
  • A large IP chargeability anomaly has been identified at the Cathcart Hill gold prospect, coinciding with anomalous gold and arsenic soil geochemical anomalies and pseudo-gossan float samples with results of up to 0.8 g/t gold.
  • Several additional strong IP chargeability features have been identified which are currently unexplained and will require follow-up.  The shallow east dipping geometry of some of these features is consistent with observed dips in recently drilled gold mineralised structures (see ASX release 6 July 2015).
  • Drilling of the main anomalies is planned to commence in October, weather permitting.

“Our regional ‘back to basics’ approach to identifying exploration opportunities at the Ararat Project has been extremely successful in identifying a number of significant new targets with the potential to host both VMS-style copper-gold-zinc mineralisation and Stawell-type gold mineralisation. Drilling of these targets should commence next month while ongoing reconnaissance soil geochemistry and mapping programmes will extend along the 15km of prospective stratigraphy within Stavely’s Ararat tenure. These programmes may identify further opportunities for discovery, especially considering the propensity of VMS deposits to occur in clusters. ” – Stavely Managing Director, Chris Cairns

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