Stavely Mines ( $SVY ) Reports Outstanding Shallow High-Grade Copper-Gold Discovery in First Diamond Hole at Ultramafic Contact Fault

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Stavely Mines ( $SVY ) Reports Outstanding Shallow High-Grade Copper-Gold Discovery in First Diamond Hole at Ultramafic Contact Fault

The company has reported grades of up to 40% Cu within 32m wide high-grade zone confirm significant shallow discovery while opening up opportunities for other structurally controlled zones.

Diamond hole drilling has recovered

  • 32m at 5.88% copper, 1.00g/t gold and 58g/t silver from 62m down-hole; including:
  • 12m at 14.3% copper, 2.26g/t gold and 145g/t silver; including:
  • 2m at 40% copper, 3.00g/t gold and 517g/t silver; and
  • 4m at 3.98% nickel and 0.23% cobalt from 96.7m drill depth.

This has put a rocket into trading with the share price currently 137% on volume of approximately $5M, in all the dollar value so far equates to over $2M, at the time of writing.

Stavely Minerals’ Executive Chairman, Chris Cairns said: “The recognition that we should be using a Magma / Butte high-grade structurally controlled mineralisation model for our exploration drill targeting has been rewarded with spectacular success in the first diamond hole drilled to evaluate a shallow 500m long target at the Ultramafic Contact Fault. “It’s not often in the career of an explorer that you see 40% copper grades over sub-metre intervals, let alone over two metres – and those stunning copper numbers are accompanied by very significant gold and silver values as well. “Encouragingly, our first step-out hole, collared some 160m to the south-west, has also intersected a thick zone of structurally controlled semi-massive to massive sulphide mineralisation. We are eagerly awaiting assays from that hole and results from further step-out drilling which is currently in progress. “This new model has significantly expanded our ‘search space’ and a number of previous shallow historical air-core and RC intercepts of massive sulphides are clearly much more significant than previously thought and are now considered to be high-priority targets for diamond drill testing. “Additional mineralised structures are thought to exist without surface expression but are expected to provide a strong conductive response to a ground EM survey which is being designed, also as a priority.”

With this new discovery it appears there should be growth in this story for current and future investors.

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