Navarre hunting deeper at Resolution in search of another Magdala
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
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.
General Information Only
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.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.
