Navarre Minerals (ASX: NML) continues to generate additional gold targets near its Mt Carlton mine in Queensland ahead of an expected updated resource estimate next year.
Drill hits at the BV1 prospect, including 22.7m at 22.7 grams per tonne gold and 28.5g/t silver, have confirmed shallow and continuous gold and silver mineralisation to add to its growing satellite open pit resource inventory at Mt Carlton, which is an operating gold-silver-copper mine.
That 22.7m intercept also included two higher grade intervals of 4m at 110g/t gold and 120.1g/t silver, and 7m at 5.6g/t gold and 20.4gt silver.
This comes 11 months after Navarre, then a totally Victoria-focused gold explorer, signed a deal with Evolution Mining to buy the operating Mt Carlton mine located 130km south of Townsville. The deal immediately pushed the junior into the producer category.
As part of the agreement, Evolution became a significant shareholder in Stawell-based Navarre. The deal also included Evolution’s Crush Creek gold deposit, 30km from Mt Carlton, acquired in 2020.
BV1 remains open along strike and at depth
Other holes at BV1 returned 4m at 3.2g/t gold and 8.6g/t silver; 5m at 2.7g/t gold and 14.1g/t silver; and 11m at 1.2g/t gold and 2.6gt silver.
These results will be included in an updated mineral resource estimate expected to be released in the June quarter next year.
Managing director Ian Holland said the new resource at BV1 will add to the company’s growing list of four satellite deposits located within 32km of the Mt Carlton processing plant.
“Our maiden drilling program at Mt Carlton has delivered an impressive set of shallow gold and silver intercepts supporting and validating the historical drilling data.”
‘Clearly established’ new gold-silver zone
Mr Holland added that these first results from BV1 have “clearly established” the presence of a consistent zone of shallow and silver mineralisation which remains open and depth and along strike.
BV1 forms part of a cluster of epithermal gold and silver prospects and deposits within the Crush Creek project area that are undergoing systematic exploration.
Other satellite deposits to the main operation include Mt Carlton United, Telstra Hill, BV7 and Delta as potential additional gold-silver feed.
Crush Creek was acquired by Evolution because of its epithermal gold mineralisation which that company said at the time possessed “significant” potential to provide extensions to Mt Carlton’s mine life.
These latest results were generated by an infill reverse circulation and diamond drilling program completed this year and aimed at validating historical drilling data dating back to 1987.
