Navarre reckons it’s on top of a high grade discovery near a 4moz gold operation
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The Langi Logan project could potentially host a large-scale, gold system like the recently reopened 4 million-ounce Stawell gold mine, according to Victorian explorer Navarre Minerals.
The Navarre (ASX:NML) share price – which has ranged between 4.5c and 10.5c over the past 12 months – was up about 12 per cent to 6.4c on the news.
Navarre told investors a maiden drilling program at the Langi Logan project — about 40km from the Stawell mine in western Victoria — returned decent gold hits, including 1 metre grading 11.1 grams per tonne inside a larger 7 metre section grading 2.4 grams per tonne of gold.
Navarre boss Geoff McDermott said the results could mean a new gold discovery, following a maiden find at the nearby flagship Irvine project.
“Drilling has now recommenced following the Christmas break and we look forward to expanding the mineralised zones as we strive to deliver our second gold find along the proven Stawell gold corridor,” he said.
Navarre has identified three targets for drill testing at Langi Logan.
About 1,400m of the planned 4,000m drilling remains to be completed, but based on “the highly encouraging results to date”, this will be boosted to 6,000m to test areas further south which have never been drilled.
The Stawell mine, which reopened in August last year, gives Navarre a potentially cost effective processing route if a gold deposit is defined at Irvine, the explorer said.
According to its latest annual report, one of Navarre’s top shareholders is established miner Kirkland Lake Gold (10 per cent).
Canadian miner Kirkland is responsible for putting Victoria back on the map as a hot gold exploration destination.
Its 7 million ounce, 300,000 ounces per annum Fosterville mine — about 60km from another of Navarre’s exploration projects — is one of the world’s highest-grade gold mines and is currently the largest gold producer in Victoria.
The Global Survey of Victoria has previously identified that the area around Bendigo, which is about two hours from Melbourne, could hold up to about 32 million ounces of gold.