Navarre’s historic St Arnaud Goldfield roars into life with 36.4 gram per tonne gold hit
Link copied to
Strong gold and silver intercepts from the St Arnaud Gold project gives Navarre Minerals (ASX:NML) confidence to forge ahead with an expanded, maiden resource-defining drill program.
Navarre’s first drill testing beneath the shallow gold workings of its recently granted exploration licence, EL 6819, which covers most of the historical mines of the old St Arnaud Goldfield, has yielded strong gold and silver.
These old mines produced 400,000 ounces of gold between 1855 and 1916 at an average grade of 15 grams per tonne.
Navarre’s latest assays include a standout gold intercept of 1 metre at 36.4 grams per tonne (g/t) gold and a standout silver intercept of 2m at 172.0 g/t silver.
Both holes are on the Nelson Line, the most prolific gold trend at St Arnaud.
This line hosts the Lord Nelson Mine, which was St Arnaud’s largest gold producer with more than 300,000 ounces of gold production.
Navarre managing director, Ian Holland, says these strong results from our first drilling around the historical gold mines gives us confidence to forge ahead with an expanded drilling program, aimed at outlining a maiden resource.
“Navarre is currently diamond core drill testing below these exciting air-core intercepts on the New Bendigo Line and plans to do so on the Nelson Line too,” he says.
“Diamond core drill testing is the next logical step towards defining a maiden resource, which would add to our recently announced resource at our Stawell Corridor project.
“St Arnaud is the second largest hard-rock goldfield in Victoria’s Stawell geological zone, which so far has missed out on Victoria’s gold resurgence — but hopefully not for much longer.”
These promising results follow Navarre’s successful institutional share placement in May that raised $10 million.
A share purchase plan is underway to raise up to a further $2 million, with applications closing at 5pm on Friday June 18, 2021.
The funds will be used to accelerate exploration across the company’s Victorian projects, including diamond drilling to support potential resource growth on the Stawell Corridor, a potential maiden mineral resource at St Arnaud and further exploratory drilling at Morning Bill on the Glenlyle tenement.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.