Placement Fuels Stavely’s Push Amid Early-Stage S41 Target and Open Gold Zones
Stavely Minerals has reported robust Phase 1 and 2 drilling results at its Fairview North and South gold prospects, revealing extensive shallow gold mineralisation with impressive high-grade intervals. A recent $1.9 million placement will fund further exploration including a Phase 3 drilling campaign and new target testing.
- Phase 2 drilling extends Fairview North gold mineralisation strike to over 300m
- High-grade gold intervals up to 18.6g/t intersected near surface
- Fairview South drill-hole hits 40m at 1.96g/t gold including 1m at 49.2g/t
- Metallurgical tests confirm over 80% gold recovery via low-cost heap leaching
- A$1.9 million placement completed to fund ongoing exploration and drilling
Exploration Breakthrough at Fairview North
Stavely Minerals has unveiled compelling results from its recent drilling campaigns at the Fairview North gold prospect within the Stavely Project in western Victoria. The Phase 1 Reverse Circulation (RC) drilling program confirmed broad, shallow zones of gold mineralisation, highlighted by standout intercepts such as 59 metres at 1.31 grams per tonne (g/t) gold from surface, including a high-grade 3 metres at 10.81 g/t. These results validate the company’s updated structural interpretation and set the stage for further resource definition.
Building on this momentum, the Phase 2 drilling program significantly expanded the known strike length of mineralisation to over 300 metres. Noteworthy intercepts include 40 metres at 0.98 g/t gold from surface, with internal zones grading as high as 18.6 g/t over 1 metre. The mineralisation remains open along strike and at depth, suggesting substantial upside potential.
High-Grade Discovery at Fairview South
At the Fairview South prospect, a single RC drill hole delivered a thick zone of high-grade gold mineralisation, intersecting 40 metres at 1.96 g/t gold from surface, including a remarkable 1 metre at 49.2 g/t. This discovery is complemented by reconnaissance mapping and rock-chip sampling that extended the prospect’s footprint by up to 600 metres to the south, with assays reaching 25.6 g/t gold in float samples. Soil auger geochemistry further supports the prospect’s scale, outlining immediate targets for upcoming drilling.
Metallurgical Testwork Supports Low-Cost Extraction
Crucially, metallurgical testwork on composite samples from Fairview North indicates that over 80% of the gold is recoverable through low-cost heap leaching methods. Bottle-roll and column leach tests demonstrated high gold recoveries, with some samples achieving up to 98.4% extraction. The presence of coarse gold was addressed through gravity recovery tests, which further improved overall recoveries. These results suggest that the mineralisation style is amenable to economically viable processing routes, enhancing the project’s attractiveness.
Funding and Forward Plans
To accelerate exploration, Stavely Minerals completed a A$1.9 million placement to sophisticated investors at A$0.014 per share, accompanied by listed options exercisable at $0.04. The funds will support a Phase 3 drilling program at both Fairview North and South, as well as reconnaissance drilling at the early-stage S41 breccia-hosted gold target, a large hydrothermal system with significant discovery potential. The company ended the quarter with $1.72 million in cash, positioning it well for upcoming activities.
With multiple tenements across Victoria and Western Australia, Stavely Minerals is strategically advancing its portfolio, focusing on gold exploration while maintaining flexibility to pursue emerging targets. The recent drilling success and metallurgical confirmation mark a pivotal step in unlocking the Stavely Project’s value.
Bottom Line?
Stavely’s expanding shallow gold zones and strong metallurgy set the stage for a critical Phase 3 drilling campaign that could redefine the project’s scale and economics.
Questions in the middle?
- How will Phase 3 drilling refine the resource model and impact project economics?
- What is the potential scale and grade continuity of the S41 breccia-hosted gold target?
- How might the recent placement affect shareholder dilution and future funding needs?
