Stavely shares soar 258% on drilling results

Shares in Stavely Minerals have more than tripled today, after the junior reported “stunning” high grade intercepts at a shallow depth at its Thursday’s Gossan porphry gold-copper project in western Victoria.

The Nedlands-based explorer said the drilling assay results revealed an intersection of 32 metres at 5.88 per cent copper, 1 gram per tonne of gold, and 58 grams per tonne of silver.

This included a two-metre intersect at 40 per cent copper 3g/t gold and 517g/t silver.

Shares in Stavely closed trade at 86 cents, up 62 cents from its previous closing price.

Stavely executive chairman Chris Cairns said it was a spectacular success.  

“It’s not often in the career of an explorer that you see 40 per cent copper grades over sub-metre intervals, let alone over two metres – and those stunning copper numbers are accompanied by very significant gold and silver values as well,” he said.

“Encouragingly, our first step-out hole, collared some 160 metres to the south-west, has also intersected a thick zone of structurally controlled semi-massive to massive sulphide mineralisation.