Navarre to acquire complementary gold project in Ballarat region
Navarre Minerals Limited (ASX:NML) has completed an Asset Sale Agreement to acquire 100% of the Jubilee Gold Project, a complementary and strategic high-grade gold exploration licence, 25 kilometres southwest of Ballarat, and to the south of the company’s existing projects.
The Jubilee Gold Project includes the historical 620 metre deep Jubilee Gold Mine (mined 1887 – 1913) that produced approximately 130,000 ounces of gold at a recovered grade of around 12 g/t gold from a single east-west trending quartz reef.
Since the mine's closure in 1913, there have been no reported modern attempts at sustained exploration, and no drilling has occurred.
The property is located within a highly prospective and prolific mining district in close proximity to a significant operating gold mine and processing facility within the historical 12 million-ounce Ballarat Goldfield.
This acquisition represents an extremely promising and complementary opportunity in light of the company’s other gold assets in Victoria, as indicated below.
Only 25 km from processing facility and mine infrastructure
Commenting on this development, Navarre’s managing director Geoff McDermott said, “We are extremely pleased to add this property to our gold portfolio.
‘’While the focus of Navarre is the ongoing diamond drilling program at Resolution Lode within the Stawell Corridor Gold Project, the acquisition of a highly prospective gold tenement within close trucking distance of an operating 12 million ounce goldfield is a significant step forward.
“This outstanding exploration property has a history of delivering relatively uniform and continuous high-grade gold mineralisation from within quartz lode structures, all just 25 kilometres from a significant processing facility and mine infrastructure.
‘’The existence of transverse quartz reefs represents a rare opportunity for exploration as these structures have never been drill tested.’’
Navarre will commence exploration immediately and will look to add extra geological resources to manage the additional workload.
A systematic exploration program will target extensions and repetitions of the historically mined quartz reefs, and it anticipates drill testing towards the end of the year.
Recent soil samples have identified several other prospect areas on the tenement which will also be targeted during the coming drilling season.
Navarre is presently compiling and reviewing historical reports and datasets prior to commencing a first-pass field evaluation program.
In 2020, the company will conduct detailed mapping, computer modelling and surveying of geology and historical mine workings.
Management will also address the issues of planning and regulatory approvals for initial drilling programs.