Stavely Minerals' Exploration Update: High-Grade Copper-Silver Discovery at Junction Prospect
SVY (SVY) Share Update November 2024 Tuesday 26th
Stavely Minerals Reports Promising Drilling Results at Junction Prospect
Stavely Minerals Limited (ASX: SVY) has announced promising results from its first diamond drilling at the Junction Prospect, part of its Stavely Copper-Gold Project in Victoria. The drilling aims to confirm structural orientations and extend known mineralisation at depth.
Instant Summary:
- First diamond drill hole completed at Junction Prospect.
- High-grade copper-silver intercepts confirmed.
- Second diamond drill hole in progress to further explore mineralisation.
Exploration Update
Stavely Minerals has successfully completed its first diamond drill hole at the Junction Prospect, located 2km south of the Cayley Lode deposit within its 100%-owned Stavely Copper-Gold Project in Victoria. This drilling phase follows a highly successful 21-hole air-core drilling program that returned multiple high-grade intercepts.
The first diamond drill hole aimed to test below recent shallow air-core drilling intercepts, which included assays such as 14m at 3.24% Cu and 34.5g/t Ag from 34m depth. The drill hole confirmed at least two distinct styles of mineralisation, including narrow vuggy quartz veins with chalcopyrite and chalcocite mineralisation.
Mineralisation Details
The drilling intercepted mineralisation earlier than expected, suggesting a shallower dip of the high-grade copper-silver mineralisation. The first hole pierced the eastern edge of the Junction mineralisation, indicating potential for more developed mineralisation to the east. A second diamond drill hole is underway to explore this area further.
Executive Chair and Managing Director, Mr. Chris Cairns, highlighted the significance of these findings, stating that a new discovery at Junction could be transformational for the Stavely Project, which already boasts a significant Mineral Resource at the Cayley Lode Deposit.
The discovery of high-grade copper-silver mineralisation at the Junction Prospect is a positive development for Stavely Minerals. It supports the potential for further resource expansion and could enhance the project's overall value. This news may boost investor confidence and positively impact the company's stock price.
Investor Reaction:
Analysts are likely to react positively to the drilling results, given the potential for significant resource expansion. The confirmation of high-grade mineralisation aligns with investor expectations and could drive interest in Stavely Minerals' exploration efforts.
Conclusion:
Investors should keep an eye on further drilling results from the Junction Prospect as Stavely Minerals continues its exploration activities. The company's strategic focus on expanding its resource base could lead to substantial long-term value creation.