Stavely Minerals has reported significant new assay results from ongoing diamond drilling at the shallow, high-grade copper-gold discovery at the Thursday’s Gossan prospect on its 100% owned Stavely copper-gold project in Victoria, Australia.

The results have confirmed further growth in the known extent of the mineralization, which has now been established over a strike extent of approximately 700 m and which remains open in all directions.

Diamond drill hole SMD060 120 m southeast of the discovery hole SMD050 returned several outstanding intercepts within a very broad mineralized envelope from 19.2 m to 135.4 m (excluding 13.9 m of core loss) of 102.3 m at 0.68% copper, including 48.2 m (excluding 13.2 m of core loss) at 1.04% copper, 0.31 g/mt gold, and 14 g/mt silver from 74 m to 135.4 m down hole.

SMD060 also intercepted nickel-cobalt mineralization within the copper-gold mineralized zone similar to that observed in the discovery hole, with an intercept of 2.4 m grading 1.20% nickel and 0.08% cobalt from 116.6 m drill depth.

Stavely Minerals Executive Chairman Chris Cairns commented, “We are working on improving drill recoveries — one of our biggest challenges at the moment — especially as core losses appear to be directly related to the better-mineralized intervals.”