Navarre Minerals’ (ASX:NML) first diamond drilling at the historical St Arnaud Goldfield in Victoria is off to a rousing start with the intersection of visible gold.

The company noted that the visible gold was observed within a new quartz reef structure containing strong sulphide mineralisation that is just 40m east of historical mining within the lines-of-lode of the 400,000oz St Arnaud Goldfield.

Notable assays include 0.4m grading 38.3 grams per tonne (g/t) gold within a broader interval of 1m at 15.6g/t gold from 153.7m in NBD005 along with 1m at 11.1g/t gold from 169.7m and 0.6m at 5.1g/t gold from 196.5m in NBD007.

This new reef covers a 250m strike extent to a depth of 170m on the New Bendigo Line and is open to the north and at depth.

“The company is excited by the intersection of a new, mineralised parallel quartz reef structure in the footwall of the historical high-grade main quartz reef in the New Bendigo Mine,” managing director Ian Holland said.

“We are also encouraged by the presence of visible gold and sulphide mineralisation within the reef, a mere 40 metres east of the historical mining.

“Following completion of the program, the next logical step is further expansion and infill diamond core drill testing, ultimately aimed at defining a maiden resource.

“This would add to our existing resource base declared earlier this year at our flagship Stawell Corridor project.”

navarre st arnaud drilling gold visible
Location of Navarre’s significant drill intercepts within the St Arnaud Goldfield. Pic: Supplied


Diamond drilling program

The ongoing 9,000m Phase 1 diamond core program is designed to follow up encouraging aircore gold intersections around historical workings within St Arnaud.

The target area is close to the old New Bendigo Mine, the second largest gold mine within the historical goldfield.

Along with the company’s previous high-grade intercepts, the latest results confirm the potential to discover significant economic gold mineralisation beneath, and adjacent to, the shallow historical gold workings of the St Arnaud Goldfield.

Current drilling on the New Bendigo Line is expected to comprise 5,000m across 13 diamond core holes and is likely to be extended given the encouraging results to date.

Once this is completed, Navarre will move on to test multiple targets at the nearby Nelson Line.

With $14.1m in cash at hand as of 30 June 2021, the company remains well-funded to progress exploration.

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.