Monster Hit Monday: Stavely and Chalice go big at Cayley and Julimar
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Stavely Minerals (ASX:SVY) continues to be surprised “by the incredible consistency and continuity of mineralisation” in the Cayley Lode, part of the Thursday’s Gossan copper-gold discovery in Victoria.
Stavely has just unveiled an 87m long intercept grading 1.74 per cent copper, 0.57 grams per tonne (g/t) gold and 20g/t silver, about 100m south of the discovery drill hole into the Cayley Lode.
This includes individual interval grades of up to 24 per cent copper and 10g/t gold, the company says.
“Due to the large overall interval of strong copper, gold and silver mineralisation and the significant gold grades in the high-grade sub-intervals, we consider this intercept to be on a par with the assays from the discovery drill hole,” executive chairman Chris Cairns says.
Drilling has now increased the strike length of the Cayley Lode to 1.5km, with the mineralisation remaining ‘open’ in multiple directions.
“This really highlights the significant lateral and vertical extents of these copper-lode style systems and suggests that there is considerable further upside to be unlocked as we continue to drill,” Cairns says.
“It is worth noting that where high-grade copper-gold-silver mineralisation has been intercepted in the Cayley Lode and the North-South Structure respectively, those structurally-hosted intercepts are located approximately 600m apart laterally across strike,” he says.
“The implication is that both structures appear to be tapping into a mineralising fluid source at depth and given their distance apart, that source – potentially a fertile porphyry at depth – could represent a sizeable exploration target in its own right in the medium-term.
“It is fair to say that we continue to be amazed by the scale of this mineral system and we may have to contemplate an acceleration of our drilling program to define the full extent of the Cayley Lode and other mineralised structures including the Copper Lode Splay and the North-South Structure.”
An intensive resource drill-out is underway on the south-eastern end of this 1.5km-long discovery zone, which will feed into a maiden JORC resource later this year.
The stock – which is up 134 per cent over the past year – moved +32 per cent higher in morning trade.
Meanwhile, Chalice Gold Mines (ASX:CHN) has reported significant new results from its Julimar nickel-copper-PGE discovery near Perth in WA.
New results include 17.6m at 5.3g/t palladium, 1g/t platinum, 1.3 per cent nickel, 0.6 per cent copper, 0.07 per cent cobalt, 191m from surface.
Three rigs are currently drilling at the ‘Gonneville Intrusive’, where Chalice made its company-making discovery in March.
The ‘G2 Zone’ has now been intersected in six drill holes, Chalice says, “increasing geological confidence in the presence of a wide, continuous, open high-grade zone over ~200m of strike length”.
In addition, a deep penetrating EM survey was recently completed over the entire ~1.6km by ~0.7km intrusive to identify new deep targets and possible continuations of existing EM targets beyond the depth capacity of the previous moving loop EM survey.
Preliminary results are “promising”, the company says, and modelling/ interpretation is ongoing.
The stock – which is up 340 per cent over the past six months – nudged slightly higher in morning trade.