Stavely Minerals’ Stock Tumbled On ASX After The Release Of Dimond Drilling Update

  • Dec 18, 2018 AEDT
  • Team Kalkine
Stavely Minerals’ Stock Tumbled On ASX After The Release Of Dimond Drilling Update

Stavely Minerals Limited (ASX: SVY) is a mineral exploration company which acquires early to advanced stage exploration projects. The Company's projects consist of gold, copper, zinc, silver, and other mineral deposits. It obtains these projects with the aim of making additional discovery of potential resources. The organization was founded by the members of the erstwhile Integra Mining Limited who have a brilliant track record of exploration. These mineral projects are located within a proximity of 200 Km to the west of Melbourne. The company was listed on the ASX as on 6 May 2014.  

The company has via a recent ASX release stated that recent drilling at the Thursday’s gossan has provided with strong signals which indicate towards a well-mineralized copper-gold porphyry at depth. The assay results from the hole named SMD028 have returned strong copper-gold mineralization which showed that:

•    There was drilling of 73 meters which led to a discovery of 0.32% copper & 0.13g/t gold including a hole of 6 meters which had 1.12% copper, 0.44 g/t of gold and 12g/t of silver which consisted of the following-

A hole at 4 meters which led to a discovery of 0.98% of copper, 0.30g/t of gold and 7.3g/t of silver; and also, a hole at 12 meters which led to a discovery of 0.51% of copper, 0.32g/t of gold and 4.90g/t of silver.

•    There was drilling of 1 meter which led to a discovery of 18.80g/t of gold, 20g/t of silver, 0.66% of lead and 1.82% of zinc.

The assay results from diamond hole SMD029W1 have also returned strong copper-gold mineralization comprising of:

•    There was a drilling of 314 meters which led to a discovery of 0.11% of copper, including a hole of 1 meter which had 1.04g/t of gold; hole of 4 metre which had 0.44% of copper, 0.10 g/t of gold and 3.90g/t of silver and a hole of 76 metre which had 0.16% of copper inclusive of the following:

A hole at 1 meter which led to a discovery of 0.51% of copper, 0.12g/t of gold and also, a hole at 5 meters which led to a discovery of 0.34% of copper.

Both of these holes are 430 meters apart in the north-south direction and are located in the east side of the NSS. Also, the Company’s first drill programme is continuing at the Mount Stavely porphyry prospect, where the initial holes have intercepted porphyry zones and secondary copper mineralization.

Meanwhile, the share price of the company has fallen 16.36 percent in the past six months as on 17 December 2018. SVY’s shares traded at $0.215, down by 6.522% & with a market capitalization of circa $35.89 Million as on 18 December 2018 (AEST 04:00 PM).


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