Navarre Minerals (ASX: NML) has hit “outstanding” gold and silver in the first diamond drill hole at the Morning Bill prospect within the Glenlyle project in western Victoria.
The company has received assays from the first of eight diamond holes completed at prospect, with the program also comprising 22 aircore drilling holes.
In the first hole, assays returned 1.9m at 10.1 grams per tonne gold, 130g/t silver, 0.4% lead, and 1.3% zinc from 142.6m, including 1m at 16.5g/t gold, 216g/t silver, 0.7% lead and 2% zinc.
Meanwhile, aircore drilling intersected two broad gold zones of 76m at 0.4g/t from 14m to end of hole, and 46.8m at 0.5g/t from 120.5m.
Navarre managing director Ian Holland said the company was “extremely excited” with the results from the first ever diamond hole at Morning Bill, which was targeting beneath the shallow mineralised footprint.
“While it is early days for exploring this mineral system, the potentially economic levels of gold with silver and base metals mineralisation confirm our belief that Morning Bill could emerge as one of our best mineral discoveries.”
He added the results indicate the company may have identified a “very large” concealed gold, silver and base metal system at Morning Bill.
All-up the diamond core program totalled 2,994m across the eight holes, while the shallow aircore component totalled 2,048m.
Assays are pending from the seven other diamond core holes, which tested vertical extensions beneath the best previous aircore results.
Drilling has so far hit gold, silver, copper, lead and zinc over 1km of strike to a width of about 400m.
Mr Holland said the success at Morning Bill followed Navarre’s “exciting discoveries” at Resolution, Adventure and Tandarra, which are also in Victoria.
At Resolution and Adventure, Navarre is focused on uncovering outcropping gold on the margins of the Irvine basalt dome.
Over at Tandarra, the company is exploring in joint venture with Catalyst Metals (ASX: CYL).