Navarre hunting deeper at Resolution in search of another Magdala
Navarre Minerals (ASX: NML) informed the market on Monday morning that it was preparing to commence a 3,000 metre diamond drilling program with a view to identifying serious depth extensions to the Resolution Lode (previously referred to as Target 3), part of the broader Stawell Corridor Gold Project located 15 kilometres south of Stawell in western Victoria. The diamond drilling program is expected to start in early March 2017.
As a backdrop, gold mineralisation discovered to date from the Resolution Lode dips steeply to the west and has horizontal widths of up to 30 metres at surface. Mineralisation widths reduce to approximately 5 to 10 metres at the base of oxidation where higher grade and oxidised mineralisation commences.
Recently discovered in a December 2016 air-core drilling program, the Resolution Lode has yielded a peak result of 6 metres grading 6.3 grams per tonne gold from 66m down hole (IAC018). Other significant drill results of the Resolution Lode are illustrated in the following graphic.
The mineralisation remains open along strike and at depth. NML’s managing Director, Geoff McDermott said, “A new oxide gold reef system has been discovered in the company’s recently completed maiden air-core drilling program at the Irvine gold prospect.”
Similar geology to 4.5 million ounce Magdala gold mine
McDermott noted that the new gold discovery has geological similarities to the 4.5 million ounce Magdala Gold Mine (1982 to 2016) located in the Stawell district.
In explaining the significance of these developments, McDermott said, “Stawell-style gold orebodies are highly prized because the gold is fine-grained, more continuous and predictable, and extends to a greater depth than gold mineralisation typically found at Victoria’s other goldfields such as Bendigo and Ballarat”.
Notably, the Magdala Gold Mine produced gold from surface to depths of 1,640 metres.
NML is now expanding its search for similar gold reef systems further south over the entire 8 kilometres strike of the Irvine basalt dome. This area lies beneath the 1 million ounce alluvial gold footprint of the Ararat Goldfield.
The proximity of the Ararat Goldfield to the Stawell Goldfield can be seen below.
When the experts at Next Investors have a stock pick, it may pay to listen.
The Next Investors have been investing in ASX small cap stocks for years, with their best small cap picks yielding returns of 1,200%, 1,120%, 900% and 678%.
They have just revealed their hand-picked, FY2021 stock portfolio of high conviction long-term investments.
Click the link below to see what they are currently investing in.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.