Stavely Minerals Limited announced partial assays from the current diamond drilling programme at its 100%-owned Stavely Copper 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 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. In his PhD thesis on the Cadia gold-copper porphyry deposits, Wilson (2003) describes early veining as characterised by: "Veinlets of magnetite-actinloite (E-1A) and quartz-magnetite-bornite (E-1B).cut by thick, grey coloured quartz veins with characteristic laminations of magnetite-bornite±actinolite (E-2). White quartz-bornite-chalcopyrite veins (E-4) have cut older vein stages. 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. Given the absence of the E-2 equivalent veins in the `M' vein interval in SMD015, and that the earlier phases of `M' veins are typically not mineralised in most gold-rich porphyries, it is not expected that this interval will return significant assays. The importance of the `M' veins observed in SMD015 is more as an indication of very close proximity to the copper-gold mineralised zone, which can have very sharp boundaries beyond which the copper-gold grade is noted to drop off rapidly. The occurrence of abundant `M' veining at Thursday's Gossan is interpreted as further compelling evidence that this porphyry system is an alkalic copper-gold system. Below the intensely `M' veined interval, at 196m, SMD015 intersected a massive pyrite-chalcopyrite-bornite-chalcocite `D' vein (Photo 2) followed by an 8m zone of pyrite-bornite-chalcopyrite stockwork veining. Assay results from this zone include: 4m at 5.85% copper and 0.27 g/t gold from 196m, including; 1m at 10.75% copper and 0.60 g/t gold, and 1m at 1.28% copper and 0.27 g/t gold from 204m. The low-angle structure is seen from 247m to 258m in SMD015. Elsewhere, the veining associated with this structure is typically pyrite-quartz ± chalcopyrite, however, SMD015 hosts pyrite-chalcocite-bornite-chalcopyrite-quartz veining, possibly indicating a more proximal location to the source porphyry intrusion. Results from this zone included: 9m of 2.62% copper and 0.28g/t gold, including; 4m of 5.41% copper and 0.35g/t gold, including 1m at 14.75% copper and 0.33g/t gold. Stavely Minerals is highly encouraged by the very strong indicators in the `sighter' holes of proximity to a major copper-gold porphyry, with the fourth and final hole (SMD016) in the current phase of drilling in-progress and remaining assays from the previous three drill holes (SMD013, SMD014 and SMD015) pending in various batches. Following the completion of SMD016, the drill rig is scheduled to move to the Toora West copper-gold porphyry target to drill two diamond drill holes to test 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. It will then return to Thursday's Gossan to undertake further drilling targeting the central core of the porphyry system where it is anticipated high-grade copper-gold mineralisation will be associated with potassic hydrothermal alteration.