Navarre Minerals (ASX: NML) has acquired a 100% interest in the Jubilee gold project 25km from Ballarat in Victoria, a project it describes as a strategic high-grade gold exploration licence.
The 122sq km licence area includes the historic Jubilee gold mine (operated 1887-1913) that produced 130,000 ounces of gold at a recovered grade of 12 grams per tonne from a single reef.
Since the mine closed in 1913, there have been no reported modern attempts at sustained exploration. No drilling has been done.
Navarre’s acquisition is in close proximity to an operating mine owned by Singapore-based LionGold, which in 2019 produced 41,800oz of gold.
Navarre managing director Geoff McDermott said while the company’s main focus will remain on its drilling program at Resolution Lode within the Stawell gold corridor, it was a significant step forward for Navarre to pick up a prospective gold tenement within close trucking distance of an operating gold field — and just 25km from a gold processing facility.
“This outstanding exploration property has a history of delivering relatively uniform and continuous high-grade gold from within quartz lode structures,” he said.
Historical review ahead of drilling
Navarre intends to begin exploration immediately targeting extensions and repetitions of the historically mined quartz reefs. Drill testing should start by the end of this year.
The company has already begun compiling and reviewing all historical records.
Work this year will include mapping and surveying of geology and historical mine workings, computer modelling of the geology and structure, geophysical surveys and planning and regulatory approvals for the initial drilling program.
In addition, recent soil samples have identified several other prospect areas on the tenement which will also be targeted by the first drilling program.
Building a portfolio of early to advanced projects
Navarre is already searching for gold deposits in an extension of a corridor of rocks that host the Stawell (5 million oz) and Ararat (1Moz) goldfields, the project known as the Stawell Corridor Gold project.
The Irvine basalt dome and Langi Logan target areas are located 20km and 40km respectively south of the operating 4Moz Stawell gold mine.
The company’s Tandarra gold project is located 50km northwest of Kirkland Lake Gold’s (ASX: KLA) Fosterville gold mine, and 40km north of the 22Moz Bendigo goldfield.
Catalyst Metals (ASX: CYL) holds a 49% stake in Tandarra, where the two companies are targeting what is described as “the next generation of gold deposits under shallow cover in the region”.
Navarre is also searching for high-grade gold at its St Arnaud project.
Last month, the company appointed to its board Ian Holland, the former general manager of the Fosterville gold mine.