Stavely Minerals Limited (ASX: SVY), a company focused on discovering and developing world-class copper and gold deposits, has announced encouraging gold exploration updates from its Stavely Copper-Gold Project in Western Victoria. The company has received final assay results from the Phase 1 soil auger sampling program at the Fairview South gold prospect, revealing a potential second parallel zone of gold mineralisation.
The recent soil auger results have identified a second parallel zone of gold anomalism to the west of the initial discovery, building on previous positive results from reconnaissance mapping and float rock-chip sampling. Rock-chip assays of gossanous float material returned high-grade gold assays, including a sample with 25.60g/t Au. These results extend the prospect approximately 600m further south of RC drill-hole SFSRC001, based on gold and trace element geochemistry.
The upcoming Phase 3 RC drill program aims to test the southern extension of Fairview South, where previous drilling intersected a significant zone of shallow gold mineralisation. Drill-hole SFSRC001 returned 40m at 1.96g/t gold from the surface, including a high-grade section of 9m at 7.15g/t gold. An RC drill rig is expected to mobilise to the site later this week to commence drilling.
In addition to the Fairview South prospect, Stavely Minerals plans to conduct reconnaissance RC drilling at the S41 breccia-hosted gold target, focusing on a priority area not currently under crop. The S41 prospect represents a large-scale hydrothermal system and a significant early-stage gold discovery opportunity for the company.
