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Navarre Minerals unveils ‘exceptional’ high-grade gold intercepts from Crush Creek project

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By Lorna Nicholas - 
Navarre Minerals ASX NML Crush Creek gold drill intercepts Mt Carlton BV7

Navarre Minerals plans to use ore from Crush Creek to feed its recently acquired Mt Carlton operation in Queensland.

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Navarre Minerals (ASX: NML) has unveiled what it describes as “exceptional” high-grade gold results from drilling at its Crush Creek project, which could add “significant” feed to its recently acquired Mt Carlton gold operation in Queensland.

Infill drilling at the Delta and BV7 prospects at Crush Creek have produced numerous high-grade intercepts.

Notable results from Delta comprised 25m at 21.4 grams per tonne gold from 75m; 4m at 46.2g/t gold from 82m; 21m at 2g/t gold from 56m; and 3m at 20.3g/t gold from 113m.

At BV7 best intercepts were 3m at 47.2g/t gold from 81m; 11m at 10.8g/t gold from 39m; 24m at 3.1g/t gold from 77m; and 19m at 4.1g/t gold from 61m.

According to Navarre, drill results will underpin a new mineral resource and reserve for the Mt Carlton operation, which is scheduled to be published in March next year.

Navarre managing director Ian Holland said the company was “extremely pleased” with the Crush Creek drill results.

“We believe Delta and BV7 have the potential to become two standalone satellite open pit mines just 30km south of the Mt Carlton mill,” he added.

Drilling at Crush Creek has paused after 111 holes were completed in 2021 for a total 16,903m. Navarre will kick-off drilling again at the project in March.

Mt Carlton gold mine

Less than a week ago, Navarre officially joined gold producer ranks after it completed its acquisition of the Mt Carlton gold mine from Evolution Mining (ASX: EVN).

Navarre made an initial up front $40 million payment in shares and cash, with up to $25 million to be paid upon realisation of agreed milestone from future production at Crush Creek.

A further maximum $25 million is payable to Evolution based on quarterly production from Mt Carlton when the spot gold price exceeds A$2,250/oz.

In the June quarter, 22,180oz gold was produced from Mt Carlton. The operation has a production guidance for the current financial year of 45,000-50,000oz at an all-in sustaining cost of A$1,650-1,700/oz.