Navarre Minerals reveals substantial increase to group gold ore reserves

Navarre Minerals (ASX: NML) has revealed a substantial increase to its group gold ore reserves, which totalled 308,000 ounces at the end of last year.

Group ore reserves now stand at 10.4 million tonnes grading 0.9 grams per tonne gold for 308,000oz.

This represents a 48% increase in contained gold compared to 208,000oz at the end of 2021.

Ore reserves also comprise 6.3Moz silver and 6,763t of copper, which were both higher than 3Moz and 2,150t copper the year prior.

Meanwhile, group gold mineral resources are 17Mt at 1.4g/t gold for 791,000oz.

Of this, the Mt Carlton operation in Queensland (including the Crush Creek project) contributed 13.2Mt at 1.2g/t gold for 487,000oz.

Navarre managing director Ian Holland said the higher resources and reserves reflected the company’s commitment to a long and sustainable production future.

“The reserves growth continues to outpace mining depletion in line with our drilling strategy which is to improve the quality and confidence of our mineral resources.”

“Together with our recently commenced exploration drilling programs, we are focussed on delivering further resource growth to deliver outcomes that position Navarre for ongoing value creation.”

Mt Carlton mine

Last month, Navarre secured a $5 million investment from New York-based Lind Partners to fast-track exploration at Mt Carlton.

The company also secured a $132,175 grant from the Queensland Government to drill the Southeast induced polarisation target, which is 1.4km from the Mt Carlton processing mill.

This target is believed to be potentially larger then the adjacent 1Moz V2 gold-silver-copper pit, which is currently being mined.

Navarre acquired Mt Carlton and its associated infrastructure in late 2021 and has been operating the mine since.

While continuing to operate Mt Carlton, Navarre is actively exploring to build reserves and mining inventory.

Mr Holland describes the asset as having “significant upside potential”. Since acquiring the mine, Navarre has spend $12.6 million on resource definition drilling and exploration.

During the December quarter, 2,873oz gold, 170,092oz silver and 272t copper were produced from the mine.