Navarre pinpoints more potential gold hotspots in multi-million-ounce Victorian goldfields

Special Report: Navarre and the CSIRO have identified several new sites prospective for gold mineralisation within the company’s Stawell Corridor Project in western Victoria.

The evidence continues to build that Navarre Minerals’ (ASX:NML) Stawell Corridor Project has the makings to become the next big multi-million oz gold mine in the resurgent Victorian goldfields.

With the help of Australia’s national science agency, the CSIRO, Navarre has identified several new gold-prospective areas along the flanks of the Irvine and Langi Logan basalts that sit within the project area.

Shareholders welcomed the news, pushing shares up over 17 per cent to an intra-day peak of 17c.

Navarre Minerals (ASX:NML) share price chart:

“Our Stawell Corridor gold project contains at least seven potential ‘Magdala’ analogues in a 70km long tenement package south of and on-strike of Stawell’s 4Moz Magdala gold mine,” managing director Ian Holland told investors today.

“Magdala’s gold mineralisation is believed to have resulted from periods of high fluid flow during episodes of high strain.”

Prior research on the Magdala gold deposit in Stawell has provided a deep understanding of the structural evolution of a multi-million oz gold system which has been used as a template to predict where gold mineralisation may occur on other basalt domes within the Stawell Corridor.

Magdala has historically been mined from surface to 1.6km depth. The Resolution Lode within Navarre’s Stawell Corridor Project has shown it has similar geometry and style of gold mineralisation.

The research collaboration between Navarre and the CSIRO has successfully used the latest advanced technologies to identify target areas for gold mineralisation around the basalt dome structures within the Stawell Corridor Project.

Navarre prospects — Perspective view showing new predicted area of prospective gold mineralisation modelled on the western flank of the Irvine basalt dome using E-W compression. Pic: Supplied.

The aim of the research, which was led by Dr Peter Schaubs — an accomplished structural geologist with extensive knowledge of Victorian gold deposits, was to reduce the search space by predicting areas of potential concealed gold mineralisation for direct drill testing.

Navarre has a suite of projects in and around Victoria’s ‘Golden Triangle’, which hosts multi-million oz gold mines like Stawell and Fosterville and collectively contains around 80 million oz of gold.

“The research has identified several new target areas prospective for gold mineralisation at our Irvine and Langi Logan basalt dome prospects which we are planning to drill test,” Holland said.

Air-core drill testing of CSIRO’s predicted targets will start at Langi Logan this week.

Navarre is fully funded to test the CSIRO targets with around $12m cash in the bank.

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.