Stavely Minerals (ASX:SVY) Exploration Update on Copper-Gold Projects
Exploration Activities at S41 Prospect
Stavely Minerals Limited (ASX: SVY) has initiated preparations for an Induced Polarisation (IP) geophysical survey at the S41 breccia-hosted gold target. This target covers an area of approximately 2km by 750m and shows promising gold potential, indicated by prior drilling results. It is important to note that only one diamond hole has been drilled since its discovery in 2023.
The company draws parallels between the S41 prospect and major deposits like Mount Leyshon and Kidston in Queensland. While S41 is at an early stage, it exhibits characteristics common to significant gold mineralisation systems. Previous drilling has revealed grades up to 2.21g/t Au, demonstrating the area’s potential for higher-grade gold.
Junction Prospect Insights
Recent diamond drilling at the Junction Copper-Silver discovery confirmed styles of mineralisation similar to previous air-core results. Notable intercepts include 14m at 3.24% Cu and 34.5g/t Ag. Although the diamond holes drilled before Christmas did not yield expected high-grade results, the company believes suitable collar locations for further drilling are being pursued to gain greater insights.
Future Outlook
Stavely Minerals is concentrating on optimising drilling approaches at both the S41 and Junction prospects. The planned IP survey aims to identify robust sulphide mineralisation, crucial for understanding the potential for late-stage gold mineralisation events. With the existing resources and further drilling, the company anticipates defining mineralisation with better continuity and higher grades.
The company maintains a market capitalisation of approximately $12 million, supported by cash reserves of $2.9 million as of September 30, 2024.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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