Exploration is accelerating at Navarre Minerals’ (ASX: NML) flagship Irvine gold project, with a third diamond drill rig breaking ground.
This latest diamond rig is focusing on 2,000m of extensional drilling at the Adventure Lode within the project, which is about 4km from the main Resolution Lode target.
Navarre managing director Ian Holland said he was “excited” to have the third rig on site and drilling the Adventure Lode, which has “significant potential” to host more high-grade gold.
Previous drilling at the Adventure Lode had unearthed 4.75m at 3.5 grams per tonne gold from 206.9m, including 1.15m at 9.8g/t gold; and 4.6m at 3.5g/t gold from 327.3m.
According to Navarre, mineralisation at the Adventure Lode is similar to private entity Stawell Gold Mine’s Magdala deposit which hosts 4.5 million ounces.
Magdala is 20km along strike of the Adventure Lode and has been mined from surface to a depth of 1.6km.
Advancing Irvine gold project
Irvine is the most advanced project of Navarre’s 70-km long tenement package in Western Victoria’s Stawell gold corridor.
Previous drilling at Resolution and Adventure lodes has firmed up a combined 3km of strike.
All-up, the current program across Irvine comprises 14,000m of diamond drilling on the eastern flank of the Irvine basalt dome, with a further 12,000m of regional aircore drilling.
The majority of diamond drilling is focused on the Resolution Lode and Navarre has scheduled a maiden resource for the target early next year.
In addition to drilling, Navarre plans to begin preliminary metallurgical test work, while continuing to update its geological model for the project.
Navarre has almost $12 million in cash and is fully funded to complete the program.
“We look forward to sharing further news flow from all three diamond rigs at the Irvine project over the comping weeks, as we continue to unlock the full potential of the Irvine basalt dome,” Mr Holland added.