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 Nekeeya and Buninjon prospects on EL6870 will be co-funded by the TARGET grant. The location of these prospects is shown in the Figure below.

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.

Buninjon is located at the margin of the Dryden segment, adjacent to the Nekeeya target area and south of Navarre’s Morning Bill prospect. The target is a geophysical feature located on the NNW-trending Mehuse fault. 
 
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.
 

Latest News

Standout Initial Mineral Resource Estimate for the Cayley Lode – 9.3Mt at 1.2% Cu, 0.2g/t Au and 7.1g/t Ag

Cayley Lode Indicated Resources 5.87Mt at 1.04% Cu, 0.23g/t Au and 7.0g/t Ag Cayley Lode Inferred Resources 3.4Mt at 1.6% Cu, 0.2g/t Au and 8g/t Ag

Another Outstanding High-Grade Copper-Gold Intercept at Cayley Lode

Exceptional high-grade zones grading up to 7.17% copper, 30.6g/t gold and 52g/t silver in deepest intercepts on the Cayley Lode to date; initial Mineral Resource due this quarter

  • Binding commitments received for A$4 million placement (Placement) at A$0.15 per share (Offer Price)

  • Launch of share purchase plan (SPP) to raise up to A$1.5 million, at the same price as the Placement

  • Net proceeds will be applied to exploration, resource definition drilling and working capital

Successful A$4 Million Institutional Placement And Launch of A$1.5 Million SPP