Has Navarre grabbed the tail of a ‘very large, concealed gold, silver and base metals system’?
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Special Report: Maiden diamond drilling at Navarre Minerals (ASX:NML) ‘Morning Bill’ prospect continues to deliver, with high grade gold now intersected in each of the first three completed holes.
The Morning Bill prospect, discovered by Navarre in 2018, is 25km southwest of Ararat within the Dryden-Stavely Volcanic Belt – the same belt of rocks that plays host to Stavely Minerals’ (ASX:SVY) emerging Cayley Lode copper discovery.
This new drilling program was the company’s first attempt to follow-up strongly anomalous gold, silver, copper lead and zinc mineralisation intersected in shallow aircore drilling over a 1km long by 400m wide area.
The latest results come from the second and third diamond holes of an eight-hole program recently completed at Morning Bill and follows the release of outstanding gold and silver results in the first hole reported.
Highlight new intercepts include 6.7m at 1.8g/t gold, 2.4g/t silver, 1.5% zinc, 0.4% lead and 0.1% copper from 208.6m.
This hit includes a 0.4m section grading 10.1 g/t gold, 2.7 g/t silver, 9.1% zinc, 4.8% lead and 0.2% copper.
These results extend the length of high-grade gold targets to ~350m and provide further evidence that Morning Bill “is emerging as a large, concealed gold-silver system with polymetallic potential”, Navarre says.
This mineralisation remains open along strike and at depth. Results are pending for the remaining five completed diamond core drill holes.
Caption: Plan of Morning Bill showing diamond and aircore results on magnetic image.
“High grade gold has now been intersected in each of our first three completed holes,” Navarre managing director Ian Holland says.
“This is an excellent strike rate, and we are excited about the remainder of the program and beyond.”
While it is early days for exploring this mineral system, the latest results provide further evidence that the explorer may be onto a very large, concealed gold, silver and base metals system, Holland says.
“The potential ‘ore grade’ levels of gold with silver and base metals mineralisation confirm our belief that Morning Bill could emerge as one of our best mineral discoveries,” he says.
“This is alongside our other exciting discoveries at the Resolution and Adventure prospects (on the Irvine dome) and the Tandarra gold project.”
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.