Navarre Minerals reveals more high-grade gold, silver and copper at Mt Carlton United
Navarre Minerals will use the funds from the U$7 million finance facility for working capital to support development of the Mt Carlton mine plan and ongoing exploration.
Navarre Minerals (ASX: NML) has uncovered more high-grade gold, silver and copper while drilling at its Mt Carlton United deposit in North Queensland.
The latest batch of results comprise 8,989 metres of drilling completed in 92 reverse circulation (RC) and 14 diamond core holes. One of the best intersections measured 1m grading 196.1 grams per tonne gold and 125.2g/t silver from a depth of 43m, contained within 2m at 99.1g/t gold and 77.5g/t silver.
Other highlight intercepts were: 3.6m at 3.8g/t gold, 930.3g/t silver from 65.6m, including 1.1m at 1,793g/t silver and 5.91g/t gold; 4m at 5.6g/t gold, 90.2g/t silver and 2% copper from 25m; 11m at 2.6g/t gold and 155g/t silver from 10m; and 1m at 1g/t gold and 64.5g/t silver and 6.8% copper.
Mt Carlton United is a key component of Navarre’s satellite open pit mining strategy for the Mt Carlton operation, which also includes satellite deposits defined at Telstra Hill, Delta and BV7.
The company said these latest results “further reinforce the outstanding prospectivity of the broader Mt Carlton project area and support Navarre’s strategic objective of growing the mineral inventory and extending mine life”.
Drilling continues ahead of resource updates
Drilling is continuing at Navarre’s wholly-owned Mt Carlton operation as part of an ongoing exploration program, although these latest results are expected to inform an updated resource estimate for the Mt Carlton United deposit.
This estimate is due to be published in the fourth quarter along with updated estimates for V2, Telstra Hill and Crush Creek’s Delta and BV7 deposits.
Navarre managing director Ian Holland said the company is “extremely pleased” to have returned these results just 4km from its 960,000-tonne-per-annum processing facility.
“The ongoing resource definition drilling program has confirmed the continuity, tenor and width of the gold, silver and copper system of the Mt Carlton United deposit.”
“We can also see significant potential to expand our satellite mineral inventory with exploration programs testing key targets across the Mt Carlton mining lease, Crush Creek and several of our regional prospects,” he added.