Base Metals: Stavely makes another big copper hit hit

The copper explorer that last September stunned investors with a 40 per cent copper hit revealed another attention-grabbing hit today.

Stavely Minerals (ASX:SVY) drilled 8m at 5.12 per cent copper, 1.48 grams per tonne (g/t) gold and 34.3g/t silver from 121m down hole, which included a top hit of 1m at 26.8 per cent copper, 8.48g/t gold and 201g/t silver.

Stavely also reported results from three other holes that included an intersection of 1m at 9.23 per cent copper, 2.67g/t gold and 125g/t silver.

One of the three holes was by the company’s admission unlikely to be of economic significance, but it did confirm mineralisation in the Cayley Lode extended in excess of 1km and was mineralised below the low angle structure.

Stavely chairman Chris Cairns was particularly bullish about the latter aspect of its prospect.

“While the mineralisation will continue to exhibit significant variation in both width and grade, we are confident that it will yield many more impressive thick intercepts such as this as drilling progresses on the Cayley Lode,” he said.

Stavely shares slowly declined following the three-week buying frenzy on the earlier news of its 40 per cent copper hit. But today, even on a dour day for markets, it rose 18 per cent. Stavely has more than tripled since September.

In other ASX base metals news today:

West Australian nickel explorer St George Mining (ASX:SGQ) reported positive results from electromagnetic surveys at its Mt Alexander project. It said these were excellent targets for further down-plunge extensions of the shallow deposits at the Investigators prospect.

It also reported metallurgical test work returned 9g/t of palladium and 1.2g/t of rhodium — both metals at record highs.

White Cliff Minerals (ASX:WCN) also announced electromagnetic survey results from its own Ghan Well nickel prospects. While bedrock conductors which may host nickel sulphides were not found, the company still thinks there is the potential for nickel laterites.