Stavely Minerals Limited (ASX: SVY), a mineral exploration and development company focused on discovering and delineating mineral deposits, primarily copper-gold-silver, in western Victoria, Australia, has announced plans for further drilling at its Freddy’s Find prospect. This follows promising reconnaissance geochemical Reverse Circulation (RC) drilling results that confirmed a substantial ~2km by 750m hydrothermal breccia system. The company aims to test the potential for a large-scale gold-silver discovery within its 100%-owned Stavely Copper-Gold Project.
Assays from the initial wide-spaced 200m RC drilling revealed widespread intense alteration and sulphide mineralisation over more than 100-metre intervals. Notable gold and silver equivalent (AuEq) intercepts from drill hole STRC0132 included 16 metres at 1.09g/t AuEq from 46 metres depth, and 16 metres at 1.21g/t AuEq from 113 metres. Further analysis indicates the mineralisation style at Freddy’s Find is characterised as porphyry-related epithermal gold-silver, suggesting a fertile hydrothermal system with potential for multiple ‘overprints’.
In response to these encouraging results, Stavely Minerals will commence deeper diamond drilling this month to test beneath the gold-silver mineralised intervals in STRC0132, aiming to establish the potential for a large porphyry system at depth. Additionally, approximately 10 reconnaissance RC holes are planned to investigate a large-scale porphyry target (the S4 prospect) southwest of Freddy’s Find, as well as a new “Freddy’s Find look-alike” target. Executive Chair and Managing Director, Mr Chris Cairns, commented on the immense scale of the opportunity. The company is also progressing a Scoping Study for copper-gold-silver production from its Thursday’s Gossan and Cayley Lode, expected before mid-year.
