Plenty of gold resource growth on the cards for Navarre Minerals
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Gold resource growth across Navarre’s portfolio in Victoria is looking increasingly likely on the back of continued successful drilling.
Navarre’s first diamond drilling campaign at the historic 0.4 million ounce St Arnaud Goldfield continues to advance the potential of a newly defined quartz reef on the New Bendigo Line with results such as 1.4m at 13.1 grams per tonne (g/t) gold from within a broader mineralised zone of 6.2m at 3.7 g/t gold from 114.7m.
Likewise, new results such as 1.1m at 14.0 g/t gold outside the boundary of a recently defined mineral resource at the Resolution prospect supports the potential for future growth of the mineral inventory at the Stawell Corridor project.
Navarre Minerals (ASX:NML) managing director Ian Holland said the company was pleased with its discovery of of a new, mineralised quartz reef in the footwall of the Main Reef which was historically mined in the New Bendigo Shaft on the New Bendigo line of lode.
“The ‘No.1 East Reef’ has been traced over a 250m strike extent to a depth of 170m and remains open to the north and at depth,” he added.
“We are also encouraged by the presence of visible gold and sulphide mineralisation within the reef, a mere 40 metres east of the historic mining.
“In the case of the Stawell Corridor Project, the latest high-grade gold intercept outside of the boundary of the current resource estimate area supports the potential for future growth of the mineral inventory.”
Navarre has now received results from all 13 diamond core holes drilled on the New Bendigo Line at St Arnaud. The latest results were north of the old New Bendigo Mine and expand on the previously reported high-grade hits.
Drilling has intersected three potential parallel reef structures including the Main Reef, which was historically mined over a strike extent of 900m in five main ore shoots.
The No.1 East Reef, located about 40m east of the Main Reef, has been confirmed by drilling over a 250m strike extent and to 170m depth. While the previously unknown No. 2 East Reef, about 100m east from the Main Reef, has had its limited strike extent tested by the recent drilling.
Taken together, the results indicate strong potential to locate economic areas of high-grade gold mineralisation in and around historic workings, to underpin a maiden mineral resource.
Based on historical mining records and recent drilling, the gold shoots in the St Arnaud Goldfield tend to be more extensive in the vertical plane which contrasts with the near horizontal orientations typically developed in other central Victorian goldfields.
The company’s two diamond core rigs are now drilling under the old Comstock open pit around Navarre’s best air-core drilling results to complete diamond drilling on the nearby Nelson Line.
Drilling is planned to recommence at the Resolution prospect in the first quarter of 2022
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.