Stavely Minerals Limited provided a further update from the current diamond drilling programme at its 100%-owned Stavely Copper-Gold Project in western Victoria, where ongoing drilling at the Thursday's Gossan porphyry target continues to deliver significant encouragement. The current `sighter' drill programme follows on from previously announced copper, gold and silver mineralised drilling intercepts and technical results. 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. The Cadia-Ridgeway gold-copper deposit had total production to March 2012 of 76.7Mt at 1.83 g/t gold and 0.63% copper for a contained 4.5 million ounces of gold and 483,000 tonnes of copper. Recent drilling has strongly vindicated the application of this mineralisation model, with four recent `sighter' diamond drill holes intersecting both inner-propylitic hematite- epidote alteration in drill holes SMD013 and SMD014, as well as sodic-potassic hydrothermal alteration hosting significant widths of early proximal magnetite-rich `M' veins and associated fine sulphides in drill holes SMD015 and SMD016. Consequently, Stavely's geological team believes that the target zone of copper-gold mineralisation hosted in a central potassic hydrothermal alteration zone is likely located closer to the northern drill section than it is to the section on which SMD013 was drilled. In that context, the broad low-grade interval encountered in SMD013 is considered very encouraging and very similar to pre-discovery exploration drill intercepts at the Cadia-Ridgeway gold-copper deposit. Assay results have been received for SMD013 and have returned an unusually very broad interval of copper mineralisation from very shallow depth: 283m at 0.16% copper from 26m drill depth, including: 34m at 0.31% copper in secondary chalcocite-enriched mineralisation from27 metres drill depth; and 6m at 0.50% copper, 0.14 g/t gold; and 9m at 0.34% copper, 0.10 g/t gold; and 1m at 8.44% lead and 98 g/t silver hosted in a narrow galena vein at 412m located well below the low-angle structure SMD013 was drilled to a depth of 573.9m targeting the down-dip extension of the mineralisation intersected in STRC019D at 153m. The hole started off in siltstone and fine grained sandstone before entering a weakly epidote-magnetite altered micro diorite at 90m. Hypogene hematite is seen 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 down-hole and has some massive pyrite-quartz ± sphalerite ± molybdenite veins associated with it. Beneath the low angle structure there is weakly porphyritic micro diorite and porphyritic dacite. Within the micro diorite 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. Hematite dusting of feldspars is patchy in both the micro diorite and the dacite as is weak epidote alteration. In some alkalic porphyry systems this alteration assemblage 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. The base-metal sulphides are interpreted to reflect a distal position within the overall hydrothermal porphyry system.