Over the past several months drilling at Thursday's Gossan has been systematically progressing with the objective of discovering copper-gold mineralisation associated with an alkalic porphyry system, similar to the Cadia Valley or the North Parkes copper-gold mines in central New South Wales. Recent drilling has strongly vindicated the application of this mineralisation model with three recent diamond drill holes intersecting both inner-propylitic hematite-epidote alteration as well as sodic-potassic hydrothermal alteration hosting significant widths of early proximal magnetite-rich `M'-veins and associated fine sulphides. The Cadia Ridgeway gold-copper deposit had total production to March 2012 of 76.7Mt at 1.83g/t gold and 0.63% copper for a contained 4.5 million ounces of gold and 483,000 tonnes of copper. Wilson uses the `E' terminology to denote that these M-veins are early in the mineralising sequence at Cadia Ridgeway. It is apparent from Wilson's thesis that the high-grade gold core to the Cadia- Ridgeway deposit is centred on the distribution of the E-2 veins he describes as extending up to 80m from the Ridgeway Intrusive Complex (RIC), while the E-1 veins can extend further outward up to 350m from the RIC. In drill hole SMD015 at Thursday's Gossan, a ~100m interval of magnetite-actinolite veins comparable to Wilson's E-1A and quartz-magnetite ± pyrite ± chalcopyrite comparable to Wilson's E-1B veins are observed from ~100m depth to 196m drill depth. While equivalents to Wilson's E-2 veins are not observed in SMD015, it is expected, by analogy with the respective distributions of E-1 and E-2 veins as described at Cadia-Ridgeway, that SMD015 has, in a relative sense, penetrated the zone between the outer extent of the high-grade gold-related E-2 veins and the outer extent of the E-1 magnetite ± quartz veins. SMD014 was drilled to the west of SMD013 to a depth of 738.9m. The top of the hole went through siltstone and fine grained sandstone to 160m after which the rock type changed to porphyritic microdiorite. Porphyry `B'-veins of quartz with a central termination and pyrite centres are seen at 220m. The vein density of `B'-veins is similar to the quartz-magnetite veining in TRC008D at 116m. Also around this depth there is trace disseminated magnetite noted. The hole intersected porphyritic microdiorite and porphyritic dacite units from 370m to 550m, after which the hole went into serpentinite. The microdiorite and dacite units have weak epidote alteration, patchy pinking of the feldspars, and there is patchy trace disseminated pyrite, sphalerite and chalcopyrite. Carbonate veining is seen from 370m and becomes stronger once in the serpentinite from 550m. SMD013 was drilled to a depth of 573.9m targeting the down-dip extension of the mineralisation intersected in STRC019D at 153m (27 metres at 0.39% copper and 0.16g/t gold including 3 metres at 2.65% copper and 1.17g/t gold). The hole commenced in siltstone and fine grained sandstone before entering a weakly epidote-magnetite altered microdiorite at 90m. Hypogene hematite is associated with fractures and veins in both units from 65m to 130m. A chalcocite-chalcopyrite-pyrite-quartz-hematite vein is seen at 183m. The low-angle structure was intersected from 277m to 289m and has some massive pyrite-quartz ± sphalerite ± molybdenite veining associated with it. Beneath the low-angle structure there is weakly porphyritic microdiorite and porphyritic dacite. Within the microdiorite there is a zone at 321m to 327m of small pyrite-chalcopyrite+-bornite veins with halos of what appear to be actinolite being replaced by chlorite. Below this, carbonate veining becomes the dominant vein type to the end-of-hole. Hematite dusting of feldspars is patchy in both the microdiorite and the dacite, as is weak epidote alteration. In some alkalic porphyry systems this style of alteration is indicative of inner-propylitic type alteration. Disseminated sphalerite and rare galena is seen in places in the microdiorite and a quartz-galena vein is seen at 413m. Stavely Minerals is highly encouraged by the very strong proximal copper-gold porphyry signals in the `sighter hole' drilling programme to date, with the fourth and final hole (SMD016) in the current phase of drilling currently in-progress and assays from the previous three drill holes (SMD013, SMD014 and SMD015) pending. Following completion of SMD016, the drill rig is scheduled to move to the Toora West copper-gold porphyry target to drill another two diamond drill holes testing an extremely large (~500m in diameter) and strong Induced Polarisation chargeability anomaly of +50mV/V in an area where previous drilling by Stavely Minerals has intersected porphyry host rocks and mild to moderate potassic alteration.