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NEWGENGOLD PREVIEW
type of target a junior could really get its teeth into – high-grade
structurally-controlled mineralisation closer to surface.
CAYLEY LODE Since the switch, the results have flowed consistently. The
discovery hole at Cayley Lode hit 32m @ 5.88% copper, 1.00 g/t
Owner: Stavely Minerals Ltd gold and 58 g/t silver from 62m down-hole. It has been followed by
Location: 200km west of Melbourne numerous economic intercepts including 87m @ 1.74% copper,
Reserves: N/A
Resources: N/A 0.57 g/t gold and 20 g/t silver, 144m @ 1.04% copper, 0.15 g/t gold
Project status: resource definition and 3.4 g/t silver from 35m drill depth and 48m @ 1.39% copper,
6.33 g/t gold and 12 g/t silver from 85m.
he road to exploration success is rarely straight and this year’s Stavely has now defined mineralisation over 1.5km strike to 300m
TNewGenGold programme has several companies who are depth at average thicknesses of 10-50m. It remains open along
proof of that, none more so than Stavely Minerals Ltd and its strike and down-dip.
Cayley Lode gold-copper-silver discovery.
A resource drill-out has begun on a 40m-by-40m drill pattern
Stavely made a big splash when it listed in May 2014 as it chased ahead of a maiden resource in the March quarter with a scoping
porphyry systems in Victoria. It had some initial, technical success study to follow in the June quarter.
but with markets hostile to exploration and the cash requirements
The study will be designed around a Phase 1 open pit followed by
of deep diamond drilling placing strains on the company, the
a Phase 2 underground mine.
decision was taken to shift focus from the porphyry system to the
Speaking at the recent Morgans Copper Conference, Stavely
lode-style mineralisation previously intercepted at 500-1,000m
managing director Chris Cairns described the opportunity in front
below surface. That hole had returned 10m @ 2.43% copper and
of the company.
0.3 g/t gold from 583m and went on to intercept 38.3m @ 1.59%
copper and 0.27 g/t gold from 890m. “If continuity of mineralisation is confirmed to depths in excess of
1km – and we have intercepted mineralisation at around 1,150m
Recognising the sulphide assemblage and character of these
depth – then at a vertical rate of mining advance of 50-60m per
veins was similar to the lode-style veins at Magma, Arizona and
year, we can envisage a multi-decade underground mine life after
Butte, Montana, the Stavely exploration team realised it was the
that Phase 1 open pit,” Cairns said.

An Australian mining company which
listed on the ASX in November 2018.
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