Stavely at 2020 high on 'stunning' gold hit

Shares in Stavely Minerals jumped after the company reported a spectacular hit from its Cayley Lode at the Thursday’s Gossan project in Victoria (reports MiningNews).
6th November 2020
Resources Rising Stars

Shares in Stavely Minerals jumped after the company reported a spectacular hit from its Cayley Lode at the Thursday’s Gossan project in Victoria (reports MiningNews).

The hole returned 48m at 1.39% copper, 6.33 grams per tonne gold and 12gpt silver from 85m, including 16.7m at 3.13% copper, 17.93gpt gold and 29gpt silver, including 2m at 0.74% copper, 132gpt gold and 38gpt silver.

The hole was about 80m to the northwest of the September 2019 discovery hole.

"This is another pivotal moment in the history of the discovery, with an exceptional new intercept including a stunning high-grade gold component which eclipses the discovery intercept of 32m at 5.88% copper, 1gpt gold and 58gpt silver in metal equivalent/value terms," Stavely executive chairman Chris Cairns said.

Cairns admitted the high-grade gold was a surprise.

"While we had nominated this drill hole for priority assay at the lab because we liked the look of the copper mineralisation - which is very visual - we have no easily recognised indicator of high-grade gold," he said.

The company said the higher gold grades encountered in recent drilling to the north-west may be consistent with the well-documented mineralisation zonation of the similar Magma, Arizona lode-style copper-gold-silver system.

The company said it was possible the Cayley Lode was exhibiting a characteristic transition both spatially and temporally from a high-sulphidation copper sulphide assemblage to a more peripheral low-sulphidation assemblage.

Read more at https://www.miningnews.net/discovery/news/1398318/stavely-at-2020-high-on-%E2%80%98stunning%E2%80%99-gold-hit

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