Stavely Minerals' Promising Copper Intercepts at Junction Prospect
SVY (SVY) Share Update September 2024 Monday 9th
Stavely Minerals Confirms High-Grade Copper at Junction Prospect
Stavely Minerals Limited (ASX: SVY) has reported multiple high-grade copper intercepts from its recent aircore drilling program at the Junction Prospect in Western Victoria.
Instant Summary:
- Multiple high-grade copper intercepts confirmed at Junction Prospect.
- Historic intercepts include up to 35m at 3.44% Cu and 26g/t Ag.
- 20 drill hole aircore drilling program completed and samples sent for assay.
- Assay results expected in a few weeks.
Project Overview
Stavely Minerals Limited has completed a 20 drill hole aircore drilling program at the high-grade Junction copper prospect, part of its 100%-owned Stavely Project in Western Victoria. The drilling has confirmed the geometry of high-grade copper mineralisation, with several significant mineralised intercepts.
Historic drilling at the Junction Prospect has previously returned impressive results, including 35m at 3.44% Cu and 26g/t Ag from 24m drill depth to end-of-hole (EoH) in drill hole TGAC078, and 11m at 1.72% Cu and 26g/t Ag from 33m in TGRC087.
Recent Drilling Results
The recent aircore drilling program has successfully confirmed the geometry of high-grade copper mineralisation. Notable intercepts from the program include:
- 35m at 3.44% Cu and 26g/t Ag from 24m drill depth to EoH in TGAC078
- 11m at 1.72% Cu and 26g/t Ag from 33m in TGRC087
- 6m at 2.15% Cu and 8g/t Ag from 2m and 6m at 3.90% Cu and 25g/t Ag from 28m to EoH in PENP004
- 6m at 1.52% Cu and 19g/t Ag from 42m, 5m at 1.12% Cu and 10g/t Ag from 62m; and 6m at 1.77% Cu and 21g/t Ag from 72m to EoH in TGRC110
- 6m at 1.65% Cu and 16g/t Ag from 37m in TGRC109
Stavely Minerals' Executive Chair and Managing Director, Mr. Chris Cairns, expressed optimism about the results, stating, 'We eagerly await the assay results to confirm our preliminary interpretations as well as rock-chip assay results for gossanous float located at surface along strike from the drilled copper mineralisation.'
Geological Context
The Junction Prospect is located approximately 2 kilometers south of the Cayley Lode Deposit, which hosts a Mineral Resource Estimate of 9.3Mt at 1.23% copper, 0.23g/t gold, and 7g/t silver. The recent aircore drilling has resolved previous uncertainties regarding the structural orientation of the high-grade copper-gold-silver mineralisation.
Several intercepts of visual copper oxide minerals (azurite and malachite) and copper sulphides (chalcopyrite, covellite, and chalcocite) were observed in the recent drilling campaign. Near-surface intercepts showed common intervals of azurite and malachite copper oxides, while deeper intercepts were characterised by early quartz-pyrite and later chalcopyrite with distinctive covellite coatings.
Next Steps
Following the receipt of assay results, Stavely Minerals plans to commence a deeper diamond drilling campaign to test the depth extent of the now well-defined copper mineralisation at the Junction Prospect. The results of this deeper drilling will be crucial in understanding the full potential of the Junction Prospect.
The confirmation of high-grade copper mineralisation at the Junction Prospect is a positive development for Stavely Minerals. This news is likely to boost investor confidence and could lead to an increase in the company's stock price. The upcoming assay results and deeper diamond drilling campaign will be key factors to watch.
Investor Reaction:
Analysts are likely to react positively to the news of high-grade copper intercepts, given the potential for significant resource expansion at the Junction Prospect. However, the final impact on investor sentiment will depend on the forthcoming assay results and the success of the deeper drilling campaign.
Conclusion:
Investors should keep a close eye on the upcoming assay results and the deeper diamond drilling campaign at the Junction Prospect. Stavely Minerals' ability to confirm and expand high-grade copper mineralisation will be critical in driving future stock performance.