Maiden Stawell gold resource is just the first step for Navarre

Navarre’s Resolution and Adventure prospects have been recognised as quality gold deposits after defining maiden resources totalling 304,300 ozs of gold.

The maiden resource is expected to be the first instalment of a growing resource base for Navarre’s Stawell Corridor Gold Project with both prospects remaining open at depth and down-plunge.

Navarre Minerals (ASX:NML) has recognised potential for further mineral resource growth at both prospects with announcement of an Exploration Target ranging between 3.4Mt and 5.2Mt grading between 2 and 3 grams per tonne (g/t).

However, further drilling will be required to determine if the Exploration Targets can be converted into mineral resources.

“The delivery of a maiden Mineral Resource and associated Exploration Targets is a significant milestone for the company and confirms both the Resolution and Adventure prospects as quality gold deposits with outstanding economic potential,” managing director Ian Holland said.

He added that the company is just scratching the surface of the true potential of its Stawell Corridor project given that several under-explored mineral systems are contained within the 70km strike extent of the project. Navarre has identified seven large basalt dome structures that are similar in geology and geometry to the operating 5Moz Magdala gold deposit located 20km to the north in the township of Stawell.

“Stawell-style gold deposits are large gold systems as evidenced by the mining history at the Magdala gold deposit, where mining has been carried out from surface to over 1.6km depth,” he explained.

“In contrast, our mineral resource estimates at Adventure and Resolution only capture the surface 300m – 400m zone and these systems remain open along strike and at depth.”

Navarre has already started drilling at the Adventure prospect with the goal of converting the Exploration Target into additional resources.

navarre minerals resolution lode — Resolution 3D Model showing gold mineralised shoots and Cambrian basalt flows. Pic: Supplied

Mineral Resources and Exploration Targets

The Resolution prospect is host to: an open pit resource of 1.75Mt grading 2.09g/t for 118,000oz of contained gold; and an underground resource of 1.46Mt at 3.12g/t gold for 146,000oz of contained gold.

The prospect also hosts an Exploration Target ranging between 2.4Mt to 3.6Mt grading between 2g/t and 3g/t gold beneath the resource.

Higher grade gold mineralisation at Resolution occurs within several parallel quartz reef structures contained within two main lode channels or shoots that plunge moderately towards the south and remain open down plunge.

Meanwhile at Adventure, an open pit resource of 680,000t grading 1.85g/t for 40,300oz of contained gold and an Exploration Target ranging between 1Mt and 1.6Mt at 2g/t to 3.2g/t gold has been estimated.

Like Resolution, the higher grade mineralisation at Adventure occurs within two gold shoots, contained within a low-grade gold and arsenic halo.

Shoot 1, the lower of the two shoots, is defined by broad spaced diamond drilling and has a shallow northerly plunge that remains open down-plunge. Diamond drilling is currently underway with the aim of converting Shoot 1 into a mineral resource.

Shoot 2, defined by shallow air-core and RC drilling, also plunges shallowly to the north-and extends over a strike of 2,150m with widths averaging 5m and, locally, up to 20m.

Gold mineralisation at Adventure is constrained by one main, higher-grade quartz-sulphide shear structure rather than several, parallel structures at the Resolution prospect.

This article was developed in collaboration with Navarre Minerals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.