Special Report: Navarre could be sitting on a large polymetallic system at its Glenlyle project in Victoria after step-out drilling returned promising gold and silver results.

Assays from the holes targeting the Morning Bill prospect returned strongly anomalous gold, silver, lead and zinc grades including 3m at 1.6 grams per tonne (g/t) gold from a depth of 80m, 24m at 2.4g/t silver from 60m to end of hole and 25m at 0.2 per cent zinc from 59m to end of hole.

These results indicate that Navarre Minerals (ASX:NML) is closing in on a concealed polymetallic system.

The remaining 14 holes of the 17 holes totalling 1,275m reported to date targeting regional geophysical anomalies that are thought to be similar to Morning Bill prospect and analogues of the Cayley Lodge nickel discovery with one hole intersecting anomalous nickel over a 14m interval with a peak result of 1m at 0.1 per cent nickel.

“The latest air-core drilling results continue to provide evidence of a large polymetallic mineral system at Glenlyle, in the emerging Stavely Arc volcanics of western Victoria,” managing director Ian Holland said.

“The mineralised footprint at Glenlyle has now been expanded to approximately 350 metres by 400m and remains open to the south and at depth.

“We are encouraged by both the tenor of the results from the shallow drilling, as well as the presence of magnetic anomalies and the project’s proximity to an existing large copper discovery.”

navarre minerals glenlyle drilling location map
Map of the Glenlyle project showing interpreted geology, location of Morning Bill prospect and potential intrusive complex. Pic: Supplied

Glenlyle drilling and next steps

Drilling at Glenlyle is designed to test the weathered top of the Dryden-Mt Stavely volcanic rocks for areas of enhanced alteration, quartz-silica veining and sulphide mineralisation.

This is aimed at expanding and scoping the shallow lateral expanses of the gold and silver mineralisation discovered in 2018 at the Morning Bill prospect in preparation for diamond core testing as well as testing several other similar geophysical anomalies.

Results to date complement previous intercepts such as 23m at 30.3g/t silver from 76m to end of hole including 2m at 245g/t silver, 0.5g/t gold and 0.1 per cent zinc and 47m at 11.8g/t silver from 58m to end of hole, including 1m at 390g/t silver, 1g/t gold, 0.3% lead and 0.7% zinc.

Navarre will now complete the 4,500m aircore drill program with two drilling rigs, which forms part of its expanded 20,000m regional drilling program, and complete planning for the project’s first diamond core testing that is expected to kick off in March.

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.