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Navarre delivering strong, consistent grades of gold mineralisation


Published 08-JUL-2020 09:51 A.M.


3 minute read

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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
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.”

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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.

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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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