More Strong Porphyry-Style Copper-Gold Intercepts with Grades of up to 4% Cu Further Strengthen Potential of Thursday’s Gossan, Western Victoria

September 05, 2017

High-grade intervals including 1m at 4.02% Cu, 1.78 g/t Au, 123 g/t silver provide further confirmation of conceptual model for a substantial porphyry discovery opportunity

Highlights

  • Final results have been received from recently completed diamond drill ‘tails’ to shallow Reverse Circulation (RC) drilling at the Thursday’s Gossan copper deposit, part of the 100%-owned Stavely Copper Project in western Victoria.
  • Strong porphyry-style copper-gold mineralisation has been intersected throughout the programme, with the latest intercepts including:
    • 48 metres at 0.47% copper and 0.15 g/t gold, including
      • 5 metres at 1.89% copper and 0.24 g/t gold; and
    •  27 metres at 0.39% copper and 0.16 g/t gold, including
      • 3 metres at 2.65% copper and 1.17 g/t gold and 68 g/t silver
  • As with previously reported intercepts, these latest mineralised intercepts are also hosted within structurally controlled intermediate argillic alteration, supporting Stavely’s conceptual model that the metals are ‘leaking’ up structures from a potentially copper-gold mineralised porphyry at depth.
  • These latest intercepts are from the southern set of sections, and define wide intervals of copper-gold mineralisation with a strike extent of more than 400 metres which remains open in all directions.
  • The highest grade interval of 1 metre at 4.02% copper, 1.78 g/t gold and 123 g/t silver – within a 3 metre interval at 2.65% copper, 1.17 g/t gold and 68 g/t silver – was associated with strong hematite, specular hematite, chalcocite, chalcopyrite and bornite mineralisation, confirming the potential for materially higher gold and copper grades in the target potassic alteration zone.
  • Follow-up deeper drilling is being planned as a priority to follow the structures down towards the expected high-grade copper-gold core of the Thursday’s Gossan porphyry system.

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