The Ararat Project is located approximately 200 km west of Melbourne in western Victoria and to the west and south of the regional town of Ararat, Victoria. The Project comprises a retention licence, RL2020, covers an area of 26 square kilometres.
The Ararat Project hosts Besshi-style VMS copper-gold-zinc mineralisation at Mt Ararat with a Total Mineral Resource of 1.3 Mt at 2.0% copper, 0.5 g/t gold and 0.4% zinc and 6 g/t silver including 0.25Mt at 2.2% copper in Indicated Mineral Resources with the remainder of the Total Mineral Resource classified as Inferred Resources.
The Ararat Goldfield has significant historic alluvial and deep lead production of circa 640,000 ounces of gold but with no known hard-rock source.
The Company is targeting extensions pf the Mount Ararat VMS deposit, Stawell-style gold mineralisation and intrusive related gold mineralisation.
The Ararat Project is located in part of the western margin of the Stawell-Bendigo Zone, which is part of the western Lachlan Fold Belt. The Lachlan Fold Belt is comprised of Cambrian age mafic volcanic and pelitic sedimentary units of the Moornambool Metamorphics which were metamorphosed to greenschist to amphibolite facies during the Silurian period. The Moornambool Metamorphic Complex is bounded on the east by the west dipping Coongee Fault and to the west by the Moyston Fault. The Moornambool Metamorphic Complex is predominantly comprised of mafic and quartzo-pelitic schists (eg. Carrolls Amphibolite and Lexington Schist) and their less intensely metamorphosed protoliths are occasionally preserved (eg. Magdala Metabasalt).
observation that, rather than a single copper trend along the contact between the Carrolls Amphibolite and the Lexington Schist, there is a ‘VMS copper corridor’ which may extend up to 1km in width. This corridor is interpreted to continue for approximately 15 kilometres within the Ararat Project tenements and presents regional reconnaissance exploration opportunities for Stavely Minerals.
At the Mount Ararat copper deposit, copper-gold-zinc mineralisation is hosted in the Lexington Schist with inter-fingers and structural slivers of the Carrolls Amphibolite in a structurally overturned stratigraphy steeply dipping approximately 70 degrees to the west.
Ararat VMS Deposit
The Mount Ararat copper deposit lies within a small portion of a much more extensive prospective exhalative horizon on the contact between the Carrolls Amphibolite and the Lexington Schist. The identification of multiple gossan horizons and historical copper workings in the field have led to the observation that, rather than a single copper trend along the contact between the Carrolls Amphibolite and the Lexington Schist, there is a ‘VMS copper corridor’ which may extend up to 1km in width. This corridor is interpreted to continue for approximately 15 kilometres within the Ararat Project tenements and presents regional reconnaissance exploration opportunities for Stavely Minerals.
The Besshi-style VMS copper-gold-zinc-silver mineralisation has been identified over an 800 metre strike extent and 250m depth extent at Mount Ararat. In 2014, 7 RC holes were drilled into the northern extensions of the known copper-gold-zinc mineralisation at the Mount Ararat VMS to test for mineralised extensions as indicated by ground EM conductors.
All the holes intercepted significant copper - gold - zinc - silver mineralisation including:
5m at 2.10% copper, 0.56 g/t gold, 0.48% zinc and 9 g/t silver, including
o 2m at 3.37% copper, 0.73 g/t gold, 0.47% zinc and 14 g/t silver
3m at 2.64% copper, 0.17 g/t gold, 0.31% zinc and 3 g/t silver
1m at 5.89% copper, 0.55 g/t gold, 2.31% zinc and 17 g/t silver
Significant Intercepts Below the Low-Angle Structure Highlight Future Underground Potential at Cayley Lode
Significant new high-grade assay results received from drill hole SMD159, which intersected the Cayley Lode below the Low-Angle Structure (LAS) plus agreement now reached to secure access south of the railway line from 1 December
More High-Grade Copper-Gold-Silver Intercepts in the Cayley Lode to Support Maiden Resource Estimate
Thick zones of strong Cayley Lode mineralisation intersected grading up to 6.86% Cu
Toora West Strong Evidence of Emerging Porphyry Discovery
Further encouraging indications from shallow air-core drilling ~15km NW of the Thursday’s Gossan prospect provide a strong target for deeper diamond drilling