Navarre’s near miss points to big things at Morning Bill

Navarre has good reasons to believe that it has uncovered a major porphyry gold-silver mineralised system at its Morning Bill prospect in western Victoria.

Its maiden diamond drilling program at the prospect had returned variably broad to strong gold, silver and associated polymetallic mineralisation including peak assays of 10.1 grams per tonne (g/t) gold, 216g/t silver, 1.2% copper, 9.1% zinc and 4.8% lead in drill hole GDD003.

While these are significant results, the real kicker is that Navarre Minerals Limited (ASX:NML) thinks this hole has just clipped the edge of a target that was newly identified from a recently completed 3D induced polarisation (3DIP) survey.

If this is correct, then the best is yet to come, with the company planning to test this target with an aggressive drilling program later this year when the annual crop harvest has been completed and drilling crews can access farmers’ land.

“This is an exciting result, and we have many reasons to be highly optimistic about our

planned drilling at Morning Bill,” managing director Ian Holland said.

“The modelled 3DIP data has revealed a large, high-chargeability anomaly which we

believe may represent a porphyry target of approximately 900 metres long by 600

metres wide.

“Our recently completed, first ever diamond core testing of the prospect seems to have

clipped the edge of this target in drill hole GDD003. This drill hole also recorded many of Morning Bill’s strongest precious and base metal assay results to date below a mineralised footprint of 1,100m by 400m outlined by earlier air-core drilling.

“It is exciting times ahead as we progress towards our next phase of diamond core

testing at Morning Bill.”

Morning Bill

Morning Bill was first discovered by Navarre in 2018 and is located in the same belt of rocks which hosts Stavely Minerals’ (ASX:SVY) Cayley Lode copper discovery at its nearby Thursdays Gossan deposit. Shallow air-core drilling initially outlined a silver – gold – copper – lead and zinc mineralised system with a footprint of approximately 1,100 metres long by 400 metres wide. The mineralisation is associated with abundant quartz and sulphide veining, thereby providing strong chargeability features, within broad zones of intensive sericite-carbonate-pyrite-chlorite alteration within the Stavely volcanic host rocks.

Mineralisation at Morning Bill is interpreted to be epithermal in style, situated above a larger porphyry target, which is exactly what the large, high chargeability 3DIP anomaly appears to represent.

Navarre’s upcoming 3,000m diamond drilling will initially target the upper 500 metres of the chargeability anomaly, with hole extensions likely if mineralisation and alteration continue at depth towards the modelled roots of the system.

The company is also completing a regional gradient array induced polarisation survey to map the broader Morning Bill prospect for additional basement targets hidden below the veneer of younger, unmineralised cover of up to 30m thickness.

Final results from this survey are expected before the end of September.

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.