Navarre Minerals shifting Victorian gold drilling into high gear
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Special Report: Navarre is accelerating resource definition and extension drilling at its flagship Irvine gold project with the arrival of a second diamond drill rig.
Coincident with its arrival, the company has also extended the drilling program targeting Resolution Lode from 10,000m to 12,000m to test the potential for further high-grade mineralisation. About 7,000m of drilling has been completed to date.
Navarre Minerals (ASX:NML) managing director Ian Holland says the company is excited to be drilling out its first potential resource at Resolution Lode, just 20km from a fully permitted and operating processing facility.
“We look forward to sharing further news flow from both drill rigs over the coming weeks as we continue to unlock the full potential of the Irvine basalt dome,” he added.
“Irvine is one of seven basalt dome targets within our 100 per cent owned and extensive (70km long) tenement package on the Stawell Corridor.”
Irvine has a style of mineralisation similar to the nearby multi-million ounce Magdala gold deposit currently being mined in Stawell.
The drilling program is intended to scope out the depth and strike potential of the Resolution Lode discovery on the eastern flank of the Irvine basalt dome, with the aim of delivering a maiden mineral resource by the end of the March quarter 2021.
This has already delivered strong, consistent gold grades such as 5m at 10 grams per tonne (g/t) from 273.9m; 9.4m at 5.3g/t from 355.6m, including 3.4m at 9.2g/t; and 10.8m at 4.5g/t from 483.6m, including 4.2m at 7.5g/t.
Resolution Lode mineralisation continues from surface and extends beyond 350 metres depth, remaining open down-plunge.
Drilling will also test a geophysical anomaly 300m further south and on strike of the current drilling that is interpreted as a potential extension of the Resolution Lode mineral system.
Besides completing the now expanded drill program, Navarre is also exploring options to deploy a third rig in the Stawell Gold Corridor to follow-up the 1.3km long Adventure Lode discovery, also on the Irvine basalt dome.
In addition, the company will soon start preliminary metallurgical test work on key drill intercepts while continuing to update geological and structural models with additional drilling information.
Separately, the company has started a 12,000m regional aircore drilling program that will test the Langi Logan, Jubilee and St Arnaud prospects.
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.