Drilling confirms potential resource growth for Navarre Minerals at Mt Carlton gold operation
Navarre Minerals will use the funds from the U$7 million finance facility for working capital to support development of the Mt Carlton mine plan and ongoing exploration.
Navarre Minerals (ASX: NML) has confirmed the potential for significant resource growth at the recently-acquired Mt Carlton gold operation in North Queensland following strong gold-silver-copper results from drilling at the nearby Mt Carlton United prospect.
Expansion and infill drilling of 154 holes for 7,942 metres was carried out at the prospect by Evolution Mining (ASX: EVN) ahead of Navarre assuming formal ownership of the operation last month.
The results included peak intercepts of 67.2 grams per tonne of gold, 1,954g/t silver and 11.9% copper and demonstrated considerable scope to upgrade the confidence and tenor of the existing mineral inventory at Mt Carlton United, which sits approximately 4 kilometres southwest of the Mt Carlton processing facility.
Highlights were 6m at 16.2g/t gold and 164.4g/t silver from 23m including 1m at 62.9g/t gold and 385.9g/t silver; 14m at 6.8g/t gold and 23g/t silver from 34m including 1m at 67.2g/t gold and 113.9g/t silver; 19m at 5.2g/t gold and 353.5g/t silver from 29m; and 7m at 5.7g/t gold and 388g/t silver from 19m.
Other intercepts were 4m at 7.8g/t gold and 329g/t silver from 23m; 9m at 4.4g/t gold and 236.3g/t silver from 26m; 7m at 4.7g/t gold and 417.4g/t silver from 12m; and 7m at 4.1g/t gold and 136.1g/t silver from 36m.
Updated resource estimate
Navarre managing director Ian Holland said the drilling results will be used to compile an updated resource estimate for Mt Carlton United and an updated mineral resource and ore reserve statement for other Mt Carlton deposits such as V2, A39, Telstra Hill and Crush Creek.
“These results reinforce our belief that the delineated mineralisation can significantly extend the mine life at Mt Carlton,” he said.
“We believe the Mt Carlton United prospect has the potential to become a satellite open pit mining area, west of the Mt Carlton mill.”
Mr Holland said planned reverse circulation work and the introduction of diamond drilling in 2022 will test multiple shallow infill and extensional targets and provide metallurgical and geotechnical information within the broader envelope of known mineralisation at Mt Carlton.
Mt Carlton acquisition
Navarre acquired the Mt Carlton operation last month from Evolution’s subsidiary Conquest Mining.
The low-cost open pit and underground mine plus 950,000-tonnes-per-annum processing plant instantly transformed the Stawell-based junior into a self-funded producer with a highly-prospective tenement package over 815 square kilometres.
Mt Carlton is expected to become a cornerstone asset for Navarre.