Navarre Minerals (ASX: NML) has debuted a maiden resource for its wholly-owned Stawell Corridor gold project in western Victoria and followed it up with exploration targets.
The maiden resource is based on the Resolution and Adventure prospects and totals 3.89 million tonnes at 2.43 grams per tonne gold for 304,300 ounces of contained metal. This resource includes mineralisation amenable to both open pit and underground mining.
Open pit resources alone total 2.43Mt at 2.02g/t gold for 158,300oz.
In addition to the resource, Navarre revealed an exploration target for the two prospects of 3.4-5.2Mt at 2-3g/t gold for 280,000-420,000oz.
Navarre managing director Ian Holland said today’s news was a “significant milestone” for the company that confirms both Resolution and Adventure as “quality gold deposits with outstanding economic potential”.
“The maiden mineral resource will be the first instalment of what we believe will be a growing resource base and the first step in establishing the Stawell Corridor gold project as an emerging gold-producing camp.”
Just scratching the surface
Mr Holland pointed out the project hosts underexplored mineral systems along 70km of strike, with seven large structures identified that are similar to the operating 5Moz Magdala gold deposit, located 20km north-along-strike of Stawell Corridor.
“Navarre’s work to-date is just scratching the surface of its true potential.”
“Stawell-style gold deposits are large mineralising systems as evidenced by the mining history at the Magdala gold deposit where mining has been carried out from surface to over 1.6km depths.”
Mr Holland noted the exploration targets for Adventure and Resolution only covered the surface zone extending to 400m deep. However, mineralisation at these targets remains open along strike and at depth.
Converting targets to resources
With a maiden resource under its belt, Navarre is working quickly to convert its exploration targets into more resources, with a rig still operating on site.
“We believe there is a high likelihood that this campaign will significantly add to our resource base,” Mr Holland said.