Navarre Minerals to launch major geophysical survey at Morning Bill gold-base metals prospect
Navarre Minerals’ fast-tracked work program at the Glenlyle tenement is supported by its recent $14.9 million oversubscribed capital raising.
Advanced gold explorer Navarre Minerals (ASX: NML) has announced plans to test the broader porphyry and epithermal potential of its Morning Bill gold-base metals prospect which sits within the greenfields Glenlyle tenement in western Victoria.
The company has engaged global data acquisition consultancy Khumsup Geophysics to conduct a major survey designed to provide detailed 2D and 3D mapping over a porphyry-style target area surrounding the prospect.
The work will include a gradient array induced polarisation (GAIP) and a pole-dipole induced polarisation / resistivity (IP) survey over 98 line kilometres and is expected to generate mapping to depths of approximately 600m below surface.
Bigger picture
The survey results will help Navarre unveil the ‘bigger picture’ of Morning Bill’s system where the orientation of mineralisation and controlling structures are poorly understood.
The company also hopes to gain a better understanding of the geometry of the system, which occurs beneath a veneer of younger, unmineralised cover known as the Newer Volcanics and ranges in thickness from approximately 5m to 30m.
Models for the style and geometry of mineralisation are expected to assist with the targeting of higher-grade areas and optimisation of drill testing at the prospect.
An aggressive drilling program is expected to begin at Morning Bill by year end.
Much larger system
Managing director Ian Holland said exploration at Morning Bill had been fast-tracked to confirm if the mineralisation being surveyed is part of a much larger system.
“We believe Morning Bill is part of a much larger porphyry system and we plan to aggressively explore its full potential,” he said.
“Targets of this size have the potential to transform [our company].”
The IP surveys follow Navarre’s first diamond core drilling program where results have already been reported for the first three of eight completed holes.
Stavely volcanic belt
Situated 25km south-west of Ararat, the Glenlyle tenement is hosted within the Dryden-Stavely volcanic belt.
This structure also hosts Stavely Minerals’ (ASX: SVY) Cayley Lode copper discovery at its nearby Thursdays Gossan deposit.
Navarre discovered Morning Bill as a greenfields prospect in 2018.