STAVELY PROJECT

Exploration Licence 6870 - TARGET Grant Agreement

Stavely Minerals Limited and the Victorian State Government have signed a TARGET Grant Agreement for $480,051 to support exploration on exploration licence EL6870 (previously Block 3) over 32 months, ending 30 June 2024. 

Stavely Minerals acknowledges the Victorian Government for this valuable initiative in support of the Company’s exploration work program.

Contact details for Stavely Minerals are:
e-mail : info@stavely.com.au
phone number : (08) 9287 7630


Proposed Work Program approved for EL6870 
 
Overview
 
Exploration Licence 6870 is located in the Stavely Arc, western Victoria and is prospective for porphyry, volcanic massive sulphide and epithermal copper-gold mineralisation. EL6870 is located adjacent to the Company’s existing tenement portfolio in the Stavely region, where the Company made a discovery in 2019 of a high-grade structurally copper–gold-silver mineralisation - the Cayley Lode. In addition, the Company has been aggressively exploring the Thursday’s Gossan copper-gold porphyry prospect targeting a world-class porphyry discovery.

Below is an outline of the proposed exploration program for the five-year tenure of mineral exploration licence 6870.


Year 1
 
Early-stage exploration will be conducted with the objective of selecting exploration targets during the first year of tenure. The first step will be to identify and engage with the local landholders in the area.

 

Exploration activities will include the compilation and review of historical open file data and available geoscience datasets. An airborne gravity gradiometer survey has been undertaken to cover the entire tenement. 

First pass exploration targets have been identified from the gravity data in conjunction with other available geoscience datasets, historical open file data and field reconnaissance.

Reconnaissance aircore drilling will be conducted to test the priority exploration targets. Access agreements and consent to drill notices will be signed with the relevant landholders prior to the aircore program commencing. The drill sites will be rehabilitated as soon as it is practicable.

 

A portion of the aircore drilling is part of the TARGET Grant Agreement. Aircore drilling at the S4 and Nekeeya prospects on EL6870 will be co-funded by the TARGET grant. The location of these prospects is shown in the Figure below.


The S4 prospect is a geophysical target in an area of basalt cover. A historic drill hole in the area did intersect basement rock with sericite–chlorite–epidote alteration with pyrite veins in a tuff was observed in aircore chips.

 
The Nekeeya prospect is located near the southern boundary of a 4km x 4km buried intrusion of probable Cambrian age, within the Dryden segment. Owing to Tertiary-age basalt cover, surface geochemical samples haven not previously been collected.

 
Further north, the same intrusive complex hosts polymetallic gold-silver-zinc-lead-copper veins at the Morning Bill (formerly Glenlyle) prospect and, due to a recently delineated 1,100m x 400m IP chargeability feature, is actively being explored by Navarre Minerals. 


The NNW-trending Mehuse Fault, likely controlling the polymetallic epithermal veins at Morning Bill, appears to extend south into EL6870. Stavely Minerals plans to complete 44 aircore holes at Nekeeya.

 
The first phase of aircore drilling at Nekeeya is scheduled to commence in November 2021 in areas of grazing. The second phase of drilling has been scheduled for February 2022 once the crops have been harvested. The drill chips will be supplied to the Victorian Geological Survey Core library.

Year 2
 
During the second year, further work will be conducted on the priority exploration targets. This will entail follow-up aircore drilling and for those targets that warrant it diamond drilling will be conducted. The drill sites will be rehabilitated as soon as it is practicable.

 

The Company will continue to engage with the landholders to obtain access over the areas of interest as well as keeping the broader community informed of exploration activities.

Diamond drilling is part of the TARGET Grant Agreement. The core from the TARGET funded drill holes will be provided to the Victorian Geological Survey Core library.


Year 3 
 
During the third year, the exploration program will be determined by the results returned by previous exploration. For some of the exploration targets in-fill aircore drilling will be conducted and for other targets diamond drilling will be undertaken. The drill sites will be rehabilitated as soon as it is practicable.  If warranted ground geophysics or in-hole geophysics will be conducted.   


The Company will continue to engage with the landholders to obtain access over the areas of interest as well as keeping the broader community informed of exploration activities.

Diamond drilling is part of the TARGET Grant Agreement. The core from the TARGET funded drill holes will be provided to the Victorian Geological Survey Core library.
 

Regional Exploration Delivers Early Encouragement as Resource Drilling Resumes at Cayley Lode

Stavely’s exploration targeting criteria proving effective in identifying ‘blind’ porphyry intrusions with hydrothermal alteration and sulphides/veining seen in initial drilling

Major Regional Exploration Program Commences Across the Stavely Copper-Gold Project

Largest regional exploration initiative since the early 1970’s set to commence this month

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