Stavely Minerals Ltd. shares had surged over 250% by Sept. 26 ASX trading close after the company reported a "stunning" copper-gold discovery at the Thursday's Gossan prospect within its namesake project in Victoria, Australia.
The first diamond hole at the property intersected a thick zone of shallow mineralization with grades of up to 40% copper, 3 g/t gold and 517 g/t silver over 2 meters.
The company intersected 32 meters at 5.88% copper, 1 g/t gold and 58 g/t silver from a 62-meter down hole and 4.4 meters at 3.98% nickel and 0.23% cobalt from 96.7 meters of drill depth.
Executive Chairman Chris Cairns said, "It's not often in the career of an explorer that you see 40% copper grades over sub-meter intervals, let alone over two meters — and those stunning copper numbers are accompanied by very significant gold and silver values as well."
In 2016, Stavely planned to advance to a scoping study after completing a conceptual study that indicated a positive economic outcome and acceptable rate of return for the Thursday's Gossan prospect.
