Stavely Shares Soar 260% On Spectacular Victorian Copper-Gold Find

Stavely Minerals (ASX:SVY) has added a stunning second leg to its big-time copper hunt in the shadows of the Grampian Ranges in western Victoria, with the first hole in a new shallow-focussed drilling program assaying up to 40% copper.

The spectacular hit was made at the Thursday’s Gossan prospect, with the diamond drill hole specifically targeting shallow and structurally controlled mineralisation within the Ultramafic Contact Fault (UCF).

The results sent Stavely shares through the roof yesterday. The stock soared from 24c to a high of 93c before closing 258per cent higher on the day at 86c, giving the company a market capitalisation of $160 million.

The drill hole returned a 32m intersection which assayed 5.88% copper, 1g/t gold and 58g/t silver from 62m down-hole, including 12m at 14.3% copper, 2.26g/t gold and 145g/t silver, and 2m at 40% copper, 3g/t gold and 517g/t silver.

Oh, there was also a slightly deeper mad ass intersection of 4.4m from 96.7m which assayed 3.98% nickel and 0.23% cobalt.

Plus, Red 5 poised for promotion to the next league of ASX gold producers. And Macquarie sees short-term bullish catalysts for commodities. Read more +

Barry Fitzgerald

About Barry Fitzgerald

Barry Fitzgerald has covered the resources industry for 30 years. His column highlights the issues, opportunities and challenges for small and mid-cap resources stocks - most recently penned his column for The Australian newspaper and before that, The Age.

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