Navarre delivering strong, consistent grades of gold mineralisation

By Trevor Hoey. Published at Jul 8, 2020, in Mining

Navarre Minerals Limited (ASX:NML) has released further significant gold assay results from an ongoing 9000 metre diamond drilling program at its Resolution Lode prospect, 20 kilometres south of Stawell’s 4.0 million ounce Magdala Gold Mine in Victoria’s Stawell Gold Corridor.

The latest drilling results from Resolution Lode includes strong, consistent grades of gold mineralisation within a quartz-rich structure that continues from surface and extends beyond 300 metres depth, remaining open down-plunge.

This release captures results from the latest four diamond holes completed at Resolution Lode (see below) which is part of the Irvine Basalt Dome. These follow results from the earlier release of eight diamond holes reported in April.

Irvine basalt dome (yellow) and Resolution and Adventure lodes, relative to alluvial gold workings of the historical 1Moz Ararat Goldfield

Prominent new intersections included 2.9 metres at 6.2 g/t gold from 187 metres and 1 metre at 20.8 g/t gold from 358 metres with the latter including a broader zone of 10.3 metres at 2.2 g/t gold.

Importantly, gold mineralisation has been confirmed from surface to beyond 300 metres depth and it remains open down-plunge.

This is significant given that the style and geometry of gold mineralisation is similar to the multi-million ounce Magdala gold deposit, on-strike 20 kilometres further north, where gold has been mined from surface to a depth of 1.6 kilometres.

Heading down plunge to establish a potential mineral resource

Drilling is targeting a potential Mineral Resource by scoping the down-plunge extents of shallow gold mineralisation.

A further 5000 metres of diamond core drilling remains to be completed with drilling operations to continue through winter and moving to a 24 hours a day/seven days a week basis.

Commenting on recent developments and discussing the ongoing strategy at Resolution Lode Navarre’s managing director Geoff McDermott said, “Our ongoing diamond drilling program at Resolution Lode is continuing to deliver consistently strong grades of high-grade gold mineralisation from within a well-defined lode channel extending from surface to beyond a depth of 300 metres, and it remains open down-plunge.

“The geometry and style of gold mineralisation at Resolution Lode is similar to the nearby 4Moz Magdala gold deposit, where gold has historically been mined from surface to 1.6km depth, indicating the potential for a similar large gold deposit at Resolution Lode.

“Step-out drilling is planned to continue through winter to evaluate the size, continuity and tenor of gold mineralisation at Resolution Lode in order to see if it has what it takes to deliver Victoria’s next major gold deposit.”

Further testing of North Shoot

Looking at the broader picture, South Shoot drilling continues to highlight the significant, consistent and repeatable gold mineralisation developing down-plunge in the main structure of the South Shoot.

On the other hand, North Shoot drill hole RD022 appears to have drilled beneath the interpreted southerly plunge of shallow gold mineralisation intersected in previous air-core drilling.

The hole, however, ended in anomalous arsenic and chlorite alteration, returning an anomalous assay interval of 5.5m @ 0.5 g/t gold.

As this mineralisation occurs east of the main gold zone, management is intending to re-enter and extend RD022 to test the extents of this anomalous gold zone.

This drilling is expected to be completed later this month, and Navarre management estimates a potential Resolution Lode Mineral Resource by the March quarter of 2021.

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.

Publishers Notice

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.

Australian ASX Small Cap stocks | Why Finfeed.com is Australia’s leading small cap publication

Founded seven years ago, Finfeed.com is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise.

Finfeed.com provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more.

Finfeed.com is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!

X