Navarre believes a large porphyry system lurks beneath at priority Morning Bill target
Link copied to
Navarre Minerals (ASX:NML) believes the ‘Morning Bill’ gold, silver and base metals discovery is part of a much larger porphyry system and — on the back of a recent $14.9m capital raising — plans to aggressively explore its full potential.
For explorers and miners, porphyries are company makers.
These massive deposits responsible for ~60 per cent of the world’s copper, most of its molybdenum, and significant amounts of gold and silver.
Navarre is fast-tracking exploration of the exciting Morning Bill gold, silver and base metals system discovered back in 2018 on the Glenlyle tenement in Victoria.
It sits in the same belt of rocks which hosts Stavely Minerals’ Cayley Lode copper discovery at its nearby Thursdays Gossan deposit.
Work undertaken since 2018 has focussed on expanding the concealed near-surface mineralisation at Morning Bill to ~1.1km by 400m. This mineralisation remains open in multiple directions.
Recent drilling in 2021 hit discrete gold – silver (plus zinc, lead and copper) mineralisation within a broad envelope of anomalous silver (assaying between 0.5 and 30 g/t silver).
There were numerous significant results including, 76m @ 0.4 g/t gold from 14m to end of hole, including 1m @ 3.9 g/t gold.
Results are pending for 5 of the 8 diamond drill holes completed, says Navarre, which believes this mineralisation is part of a much larger porphyry system.
A geophysical survey has kicked off to test the broader porphyry and epithermal potential and help understand the ‘bigger picture’ of the Morning Bill system.
The program is expected to provide a high-quality 3D model from which Navarre will plan an aggressive drilling program scheduled to begin by the end of 2021.
“We are fast tracking exploration of the exciting Morning Bill gold – silver and base metals system we discovered back in 2018,” Navarre managing director Ian Holland says.
“We believe Morning Bill is part of a much larger porphyry system and, on the back of our recent capital raising, we plan to aggressively explore its full potential.
“Targets of these size have the potential to transform Navarre.
“The IP survey is expected to provide a high-quality 3D model, which will then be used to plan and optimise our drill testing of the exciting Morning Bill prospect.”
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.