Morning Bill drill results point to large gold-silver system for Navarre Minerals

Navarre Minerals ASX NML Morning Bill gold silver Glenlyle
Navarre Minerals is now refining the geological model at its Glenlyle project to better constrain target areas for appraisal.

Navarre Minerals (ASX: NML) has announced “significant” new gold and silver assay results from recent aircore and diamond drilling at the Morning Bill greenfields prospect within its Glenlyle project in western Victoria.

Highlights were 1m grading 12.8 grams per tonne of gold within a broader 7m intersection at 2.3g/t gold from 134; 3m at 4.2g/t gold, within 16m at 1g/t gold from 74m; and 2m at 247g/t silver, within 12m at 57g/t silver from 115m.

Most of the assays were from a 3,295m infill and extension aircore drilling program targeting the potential for near-surface mineralisation above and adjacent to a diamond drill hole, which had previously returned up to 10.1g/t gold, 216g/t silver, 1.2% copper, 9.1% zinc, and 4.8% lead.

New assays reported today also came from two diamond drill holes that targeted a significant induced polarisation (IP) chargeability anomaly located at depth below Morning Bill.

Results point to potentially large gold and silver system

Navarre believes the results signify the presence of a large, epizonal gold and silver mineralised system with characteristic zoned alteration patterns, concealed beneath a shallow blanket of post-mineralisation cover.

Navarre managing director Ian Holland said the mineralising system discovered at Morning Bill continues to indicate scale and potential to form a large mineral deposit.

“Our ongoing systematic exploration of Morning Bill continues to deliver compelling results as we hone-in on the best areas for gold and silver along the extensive 1,100m mineralised trend we have defined to date.”

“The new drilling results have delineating areas of significant, semi-continuous, high-grade gold and silver mineralisation within zones of discrete alteration, centred over a prominent magnetic low feature,” Mr Holland added.

Morning Bill prospect

The Morning Bill prospect is located within Navarre’s wholly-owned Glenlyle exploration licence in western Victoria.

The gold, silver and base metals discovery was made as a result of a maiden drilling program undertaken by Navarre in 2018.

To date, 41 aircore holes and two diamond cores for a total 4,465m have been drilled at the prospect.

Moving forward, Navarre is reviewing its geophysical data sets including reprocessing its IP data and refining its metal zonation and alteration models using the new drilling information collected to assist drill targeting.

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