Navarre Minerals (ASX: NML) has locked-in ownership of the strategic Jubilee gold project in Victoria after securing the exploration licence and making a final $20,000 payment to the vendor.
Jubilee is located in what Navarre describes as a “world class gold district” and is only 25km from LionGold Corp’s Ballarat gold mine and processing facility.
The project covers 122sq km of ground and hosts the historic Jubilee gold mine that produced about 130,000 ounces of gold between 1887 and 1913. Mining extended to depths of 619m and the average gold grade was 12 grams per tonne.
According to Navarre, since the mine closed there have been no modern attempts at sustained exploration or drilling.
However, mineralisation is believed to remain open at depth.
Navarre managing director Ian Holland said the acquisition was an “exciting expansion” of the company’s Victorian regional gold assets.
“The Jubilee mine workings have seen no real exploration in over a century despite having a history of delivering relatively uniform and continuous high-grade gold mineralisation from within quartz lode structures, all just 25km from an operating mine with significant processing capacity.”
“The existence of transverse quartz reefs represents a rare opportunity for exploration as these structures have never been drill tested,” Mr Holland added.
Navarre executed an agreement to acquire Jubilee in June this year and is already preparing for its maiden aircore drilling program.
Work undertaken to date includes compilation and reviewing of historical reports and data, along with prospect mapping and surveying geology and historical mine workings.
Additionally, Navarre has completed computer modelling of the historic Jubilee mine workings, geology and structure.
Geophysical surveys were also carried out to identify targets surrounding the mine workings.
In readiness for the maiden drilling program, which is scheduled to begin next month, planning has been finished and requisite regulatory approvals sought.
Jubilee lies adjacent to the historical 12Moz Ballarat Goldfield.
Navarre’s plan at Jubilee is to fast-track exploration to discover the region’s next Fosterville mine.