Special Report: A diamond drilling rig is now spinning at the monstrous 1.3km-long Adventure Lode, part of Navarre Minerals’ (ASX:NML) flagship Irvine gold project.
Adventure Lode is about 20km south of Stawell’s 5moz gold mine in Victoria’s rich central goldfields.
It is also 4km from Navarre’s more advanced Resolution Lode, where two rigs are spinning on a 12,000m resource definition and extension drilling program.
A potential maiden mineral resource at Resolution Lode is due in early 2021.
Like Resolution, the 1.3km-long Adventure Lode discovery could add significant gold ounces to any resources estimate.
The new 2,000m drilling program at Adventure will follow up previous high-grade hits like 4.75m at 3.5 g/t gold from 206.9m, including 1.15m at 9.8 g/t.
This previous drilling indicated that the style and geometry of the Adventure Lode’s gold mineralisation was similar to Stawell Gold Mine, where gold has been mined from surface to 1.6km depth.
“We’re excited to secure our third diamond drilling rig and to be back drilling at Adventure Lode where there is significant potential to intersect further high-grade gold mineralisation,” Navarre managing director Ian Holland says.
“We look forward to sharing further news flow from all three diamond drill rigs at the Irvine Project over the coming weeks, as we continue to unlock the full potential of the Irvine basalt dome.”
With ~$11.9 million in the bank, Navarre remains well funded to complete its ~26,000m of drilling programs – and move a step closer to becoming a significant gold miner.
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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.