Advanced explorer Navarre Minerals (ASX: NML) has identified a compelling gold-silver target in a recent three-dimensional induced polarisation (3DIP) survey carried out over the Morning Bill prospect within its wholly-owned Glenlyle tenement in western Victoria.
The survey results highlight considerable exploration potential around one of the diamond core drill holes which returned best assays of 10.1 grams per tonne gold, 216g/t silver, 1.2% copper, 9.1% zinc and 4.8% lead.
Navarre said the mineralisation is epithermal in style and situated above a larger porphyry target.
It occurs in the same regional volcanic belt that hosts the Cayley Lode copper discovery at the nearby Thursdays Gossan deposit owned by Stavely Minerals (ASX: SVY).
Processing of the 3DIP data defined a large high-chargeability anomaly with dimensions of approximately 900m by 600m, commencing from 500m below surface.
The anomaly has features believed to be consistent with a large porphyry system.
An inaugural diamond drilling campaign at Morning Bill was completed earlier this year, with drilling taking place adjacent to the anomaly.
Drilling showed the gold-silver system to be associated with quartz and sulphide veining with broad zones of intensive sericite-carbonate-pyrite-chlorite alteration within the Stavely volcanic host rocks.
Navarre will undertake a new 3,000m diamond program later this year to initially target the upper 500m of the anomaly, with hole extensions likely if mineralisation and alteration continue at depth towards the modelled roots of the system.
A regional gradient array induced polarisation (GAIP) survey is nearing completion to map the broader Morning Bill prospect for additional basement targets concealed below a veneer of younger unmineralised cover of up to 30m thickness.
Final processed results from this survey are expected before month end.
Navarre managing director Ian Holland said the next phase of drilling will be driven by the 3DIP results.
“This is an exciting result, and we have many reasons to be highly optimistic about our planned drilling at Morning Bill,” he said.
“We believe the large, high-chargeability anomaly may represent a porphyry target and our first ever diamond core testing [seems to have] clipped the edge of it.”