Advanced gold explorer Navarre Minerals (ASX: NML) has confirmed the arrival of a second diamond drill rig to accelerate an ongoing resource definition and extension drilling program at its flagship Irvine project, along the Stawell gold corridor in western Victoria.
The rig will mobilise at the Resolution Lode target, on the eastern flank of the Irvine basalt dome, to complete the program which has been extended from 10,000m to 12,000m, with approximately 7,000m undertaken for the year to date.
It will include drill testing of a geophysical anomaly 300m to the south on strike of current drilling and interpreted as a potential extension of the lode’s mineral system.
Navarre will scope out the depth and strike potential of the discovery, with the aim of delivering a maiden mineral resource by mid-2021.
Strong, consistent grades
Navarre managing director Ian Holland said drilling continues to demonstrate strong, consistent gold grades within a quartz-rich shear structure, with mineralisation continuing from surface and extending beyond 350m depth, remaining open down plunge.
“We are excited to be drilling out our first potential mineral resource at Resolution Lode, which is 20km from a fully-permitted and operating processing facility,” he said.
“We look forward to sharing further news flow from both rigs over the coming weeks as we continue to unlock the full potential of the Irvine basalt dome.”
With approximately $12 million in the bank, Mr Holland said Navarre remains well-funded to complete its drilling programs and move a step closer to becoming a gold producer.
Stawell gold corridor
The Irvine project is located within a 30km stretch of the Stawell gold corridor that runs between Stawell and Ararat in western Victoria.
The project includes the historic Ararat goldfield – a 19th century discovery which produced approximately 1 million ounces of alluvial gold.
The largest gold mine along the corridor is Magdala, which is producing from a deposit that has a surface footprint of 900m and has been mined to depths of more than 1,600m below surface.
The deposit has contributed more than 4Moz of the total 5Moz of gold produced to date from the Stawell goldfield and is believed to be geologically similar to mineralisation at Resolution Lode.
Irvine basalt target
Irvine is one of seven basalt dome targets – and the most advanced prospect – within Navarre’s 70km-long tenement package along the Stawell gold corridor.
Previous drilling has confirmed extensive shallow gold footprints at the Resolution and Adventure lodes with a combined strike length of 2.9km along the eastern contact of Irvine.
Navarre has been testing the depth extents of the gold shoots at both lodes to approximately 350m below surface through targeted diamond drilling programs.
Approximately 20km to the south of Irvine is the 4Moz Magdala gold mine, operated by private company Stawell Gold Mines.