Navarre Minerals extends mineralised footprint at Glenlyle
Navarre Minerals Limited (ASX:NML) has announced encouraging new reconnaissance air-core (AC) drilling results from its Glenlyle Project (EL 5497) in western Victoria, Australia.
The Glenlyle Project is 25 kilometres south-west of Ararat, under between 10 metres and 40 metres of Newer Volcanics cover, and approximately 25 kilometres north-east, on-strike, of Stavely Minerals Limited’s (ASX:SVY) recent Cayley Lode copper discovery at its Thursdays Gossan project.
The close proximity of the two projects as indicated below brings the aspect of nearology into play, potentially providing support for lookalike exploration results to signal the prospect of another Thursdays Gossan.
For the moment though, it is important to note that the new results have significantly expanded the mineralised footprint and the potential of the Glenlyle Project.
These follow two earlier phases of reconnaissance AC drilling which also demonstrated strong silver-gold mineralisation.
Gold grades of up to 3.6 g/t and silver up to 12.4 g/t were recorded in the latest round of drilling, with several holes finishing in mineralisation at AC refusal.
The new results complement those delineated in recent drilling including 23 metres at 30.3 g/t silver and 47 metres at 11.8 g/t silver.
McDermott notes evidence of large poly-metallic system
Navarre Minerals has completed its third phase of AC drilling, totalling 2,150 metres across 26 holes at the Glenlyle Project.
The drilling program was designed to expand and scope the shallow lateral expanses of the gold and silver mineralisation discovered in 2018, now referred to as the Morning Bill prospect.
The following drill intercepts were returned in this round of drilling.
Commenting on these recent developments and casting an eye to the future, Navarre Minerals' managing director Geoff McDermott said, “The new air-core drilling results continue to provide evidence for a large poly-metallic mineral system at Glenlyle in the emerging Stavely Arc volcanics of western Victoria.
“The mineralised footprint at Glenlyle has now been expanded to approximately 350 metres by 300 metres and remains open to the south and at depth (as indicated below).
‘’Given the tenor of results being generated at this early stage of exploration, the proximity to a magnetic low and IP anomaly, a favourable geological setting and proximity to an existing large copper discovery, we believe there is potential to discover a large poly-metallic mineral system at depth at Glenlyle.
“We look forward to completing the targeting of potential mineralisation under cover and to plan our next phases of drilling.”
Planning for follow-up diamond drilling at the Morning Bill prospect is underway, potentially to be undertaken during the coming quarter, subject to cropping activity, Autumn weather conditions and any health and safety considerations and government restrictions arising from the COVID-19 global pandemic.
Follow-up regional reconnaissance AC drilling will be planned on receipt and integration of final VTEM data with previous IP, magnetics and gravity geophysical surveys.