Navarre results expected to deliver improved design and targeting

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Published 27-APR-2020 12:00 P.M.

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3 minute read

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Navarre Minerals Limited (ASX:NML) has reported promising new drilling results from the Resolution Lode on the eastern flank of the Irvine basalt dome, part of the 100%-owned Stawell Corridor Gold Project in western Victoria.

The Irvine basalt dome occurs within a prospective corridor of rocks that host the 5 million ounce Stawell and 1 million ounce Ararat goldfields located along the western edge of the Stawell Geological Zone, 210 kilometres west of Melbourne.

The new results are for the first eight diamond holes of an ongoing program designed to test for depth extensions to shallow gold discovered in air-core (AC) drilling at Resolution Lode.

Importantly, these new results represent Navarre’s first significant diamond drilling campaign, testing for potential economic mineralisation beneath the 1.6km discovery area.

Highly promising results included 7.7 metres at 5.6 g/t gold within a broader zone of 18.7 metres at 3.4 g/t gold.

As indicated below, there were other relatively high-grade sets in widths between about 2.5 metres at 3 metres at depths ranging between 300 metres and 400 metres.

Best hole open to the west and down plunge

Highlighting the tenor of these results, Navarre’s managing director Geoff McDermott said, “These terrific diamond drill results from Resolution Lode are providing strong evidence for gold-shoot development, similar to that mined on the flanks of the Magdala basalt dome at Stawell’s 4 million-ounce Magdala Gold Mine, on-strike 20 kilometres further north.

"The geometry and tenor of the two main gold zones identified at Resolution Lode are continuing to evolve.

"The recognition of an apparent gentle south plunge to the gold shoot geometry has provided an important geological break-through, allowing us to better target subsequent drilling to expand these gold zones at depth.

"Drill hole RD025 is an example of this new understanding, despite terminating in 6.4 g/t gold mineralisation at 158 metres due to technical issues.

"RD025 is also our southern-most diamond hole and has returned one of our best and widest gold intercepts that remains open to the west and down-plunge.

"Drilling is continuing to systematically 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.”

Drilling results likely to lead to improved rate of success

The new drill information has allowed recognition of south plunging gold shoots at Resolution Lode.

This is viewed as a significant exploration breakthrough for the project and is expected to lead to improved design, targeting and, potentially, rates of success for subsequent expansion drill testing for this lode-style mineral system.

The significant gold results returned from hole RD025 is a consequence of adjusting the drill program to test the southern plunge theory.

To date, this is the most southerly diamond hole in the program but, unfortunately, the hole ended prematurely at 158 metres in a wide zone of mineralisation after suffering a technical issue.

A much anticipated drill hole RD025A is currently underway to test the full width of the mineralised structure at this position.



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S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (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 and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.

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