Stavely Minerals Limited (Stavely Minerals) (ASX: SVY) is a mineral exploration company formed to acquire early to advanced stage exploration projects with demonstrated high potential for additional discovery.
Stavely Minerals was founded and is operated by members of the former Integra Mining Limited management team with a track record of discovery and value creation.
In January 2013, Stavely Minerals agreed to purchase the Stavely and Ararat Projects, western Victoria, from BCD Resources. The agreement was formally executed on 20 May 2013.
On 6 May 2014, the Company was admitted to the Official List of the ASX Limited following a successful Initial Public Offering which raised $6.1 million.
Subsequent to listing in 2014, the Company acquired the Ravenswood Project in north Queensland and entered into an Earn-In and Joint Venture Agreement with Navarre Minerals for an exploration licence adjacent to the Stavely Project.
The Company’s Stavely Project , western Victoria, hosts the Thursday’s Gossan Chalcocite-enriched Blanket Resource with an estimated 28Mt at 0.4% copper for a contained 110kt of contained copper (using a 0.2% Cu grade lower cut-off).
Stavely Minerals’ contention is that previous explorers failed to recognise the high level of exposure of the Thursday’s Gossan porphyry complex and that the potential for well-mineralised copper-gold porphyry(s) at depth is excellent.
The Company is targeting a Cadia-type copper-gold porphyry. The Cadia-Ridgeway copper-gold deposit had total production to March 2012 of 76.7Mt at 0.63% copper and 1.83 g/t gold for a contained 4.5 million ounces of gold and 483,000 tonnes of copper (Source:Porter Geoconsultancy Pty Ltd).
Stavely Minerals is making significant advances in its search for a well-mineralised copper-gold porphyry at Thursday’s Gossan. All the indications are that the system is a very hydrous, strongly oxidised and well-endowed with metals, and displays both multi-phase intrusion and mineralisation events as well as ‘telescoping’ of later mineralisation over earlier events – all attributes for a well-mineralised copper-gold porphyry system.
While drilling to date has not encountered the mineralised source porphyry it has intersected high-grade structurally controlled copper-gold-silver mineralisation at depth.
In mid- 2019 Stavely Minerals commenced a drilling program at Thursday’s Gossan to test for high-grade lode-hosted mineralisation at shallower depths. The first diamond hole, SMD050, drilled targeting the high-grade structurally controlled copper-gold-silver mineralisation within the Ultramafic Contact Fault (UCF) returned stunning grades of up to 40% copper within a 32m wide high-grade zone.
Laboratory assays received to date and the visuals from the completed holes demonstrate growing scale and potential of the shallow copper-gold discovery at Thursday’s Gossan, which has grown to 700m in strike length and remains open in all directions.
It is now believed that the ‘chalcocite enriched blanket’ is derived from the weathering and redistribution and dispersion of metals from the high-grade lode-style copper-gold-silver mineralisation as it approaches surface.
In addition to conducting a resource drill out of the shallow UCF mineralisation, the Company will also test for depth extensions of the UCF in addition to testing other identified lode structure, including the North-South Structure and the Copper Lode Splay at shallower depths.
Other exploration targets within the Stavely Project include the Junction, Mount Stavely and Patanga porphyry prospects, the Fairview Epithermal Gold prospect and the Wickliffe VMS prospect.
YARRAM PARK PROJECT
The Yarram Park Project , western Victoria, overlies the Bunnugal Belt of the Cambrian Stavely Volcanic Arc which is considered highly prospective for intrusive related porphyry copper-gold. Maiden drilling by Stavely Minerals at the Toora West prospect in the Yarram Park Project has confirmed the presence of a “blind” porphyry intrusive complex.
BLACK RANGE JV
In January 2018, Stavely Minerals and Navarre Minerals agreed to the terms for Stavely to earn an equity interest in Exploration Licence 5425 located adjacent to the Stavely and Yarram Park Projects, western Victoria. EL5425 is located within the highly prospective Stavely Volcanic Belt. In December 2019, Stavely Minerals earned 51% equity in Exploration Licence 5425.
Stavely Minerals’ Ararat Project , western Victoria, hosts the Mount Ararat copper-gold-zinc-silver VMS deposit with an estimated Resource of Total Mineral Resource of 1.3Mt at 2.0% copper, 0.5 g/t gold, 0.4% zinc and 6 g/t silver for a contained 26kt of copper, 21,000 ounces of gold, 5.3kt of zinc and 242,000 ounces of silver (using a 1% lower cut-off).
Volcanic Massive Sulphide deposits typically occur in clusters. Past exploration has focussed on the Mt Ararat Copper deposit. Observed sulphide mineralisation, magnetite and manganese-rich intervals in the RC drill holes into the Carroll’s prospect, to the north of the Mount Ararat Deposit, has confirmed the continuation of the highly prospective VMS exhalative environment.
The Ararat Project is also highly prospective for Stawell-style gold mineralisation and intrusive-related gold deposits.
The Ravenswood Project is located 90 km south of Townsville and 10 km west of Ravenswood in north Queensland. The Project covers an area of 548 square kilometres and is located near the historical mining centre of Charters Towers and the multi-million ounce Ravenswood goldfield. The Project comprises four granted tenements, namely EPM26041, EPM26152, EPM26303 and EPM26304.
The Project is considered prospective for porphyry molybdenum / copper and/or gold mineralisation, intrusive related gold mineralisation, breccia-hosted gold mineralisation as well as other hybrid intrusive-related styles of mineralisation including carbonatite-related rare-earths mineralisation.