Navarre Minerals (ASX: NML) has announced “outstanding” high-grade gold, silver and copper results from drilling at the Telstra Hill deposit, part of its recently acquired Mt Carlton project in North Queensland.
Assays from ongoing infill and extensional reverse circulation (RC) and diamond core drilling at Telstra Hill, 1km from the Mt Carlton mill, confirm the strong grade and continuity of the gold-silver-copper mineral deposit, the company reported.
A peak intercept of 5m at 22.1 grams per tonne gold was recorded, adding to the satellite deposits defined at Mt Carlton United, Delta and BV7 earlier this year.
Navarre managing director Ian Holland described Telstra Hill as a key component of the company’s satellite open pit mining strategy for Mt Carlton.
“The ongoing resource definition drilling program has confirmed the continuity, tenor and width of the gold, silver and copper system of the Telstra Hill deposit,” he said.
“We can also see significant potential to expand our satellite mineral inventory, with exploration programs underway to progressively test key targets across the Mt Carlton mining lease, Crush Creek and regional prospects,” Mr Holland added.
Results to inform mineral resource estimate
The latest drilling results from Telstra Hill cover an additional 10 RC and 19 diamond core holes for 2,218m since a previous update announced in February.
The results are expected to inform an updated mineral resource estimate for Telstra Hill anticipated for release in September, along with updated mineral resources for the V2, Mt Carlton United, BV7 and Delta deposits.
At the start of June, Navarre launched a $9.5 million capital raising to fund its resource expansion program.
The Telstra Hill prospect lies about 1km northwest of the Mt Carlton processing facility and is interpreted to be an intrusive-related, low sulphidation epithermal gold-copper-silver mineralised system with potential to provide supplemental mill feed at Mt Carlton.
Its style of mineralisation has similar characteristics to Mt Carlton United and the producing V2 deposit, where early high sulphidation evolved over time to become a lower sulphidation system.