Advanced explorer Navarre Minerals (ASX: NML) has confirmed a continuation of strong and consistent grades of gold mineralisation from diamond drilling at the Resolution Lode target within its Stawell Corridor project in Victoria.
New results from the 10,000m program are believed to extend the known strike length of high-grade mineralisation and “materially enhance” the depth potential of the Lode’s South Shoot, which sits within a quartz-rich shear structure measuring beyond 350m depth.
To date, 15 holes have been completed for approximately 6,000m with the most recent results of 5m at 10 grams per tonne gold from 273.9m; 9.4m at 5.3g/t gold from 355.6m, including 3.4m at 9.2g/t; and 10.8m at 4.5g/t gold from 483.6m, including 4.2m at 7.5g/t.
The higher-grade mineralisation has been interpreted to occur within the South and North shoots, which remain open down-plunge and demonstrate strong potential to grow a substantial mineral resource.
Maiden mineral resource
Navarre’s current drilling program has been designed to scope the depth potential of the 1.9km long Resolution Lode discovery with the aim of delivering a maiden mineral resource for the Stawell project in the new year.
Navarre managing director Ian Holland said the geometry and style of the Lode’s gold mineralisation is similar to the nearby 4-million-ounce Magdala gold deposit, where the metal has historically been mined from surface to 1.6km depth.
“Resolution continues to deliver consistently strong grades from within a well-defined lode channel [and we believe] it has potential to be similar in size to Magdala,” he said.
“Resource definition will evaluate the size, continuity and tenor of [the] mineralisation and we look forward to sharing the next round of results as we progress our drilling strategy,” Mr Holland added.
Large gold deposits
Navarre is searching for large gold deposits along the Stawell Gold Corridor, which hosts the 5Moz Stawell and 1Moz Ararat goldfields.
The company has to date identified seven basalt dome structures within a 60km-long tenement package, with Irvine being the most advanced.
The Langi Logan dome, south of Irvine, is the next major prospect for Magdala-style mineralisation and comprises the Langi Logan North, Langi Logan Central and Langi Logan South Cambrian basalt domes with a combined 12km strike length in an area totalling 133,000oz of historical deep lead gold production.
Mr Holland said the company is fully funded to continue resource definition drilling at Resolution Lode with a current working capital balance of approximately $12 million.