Navarre Minerals (ASX: NML) has achieved strong gold-silver results from a recent reconnaissance aircore drilling campaign at its wholly-owned St Arnaud gold project, 240km northwest of Melbourne.
The latest assays from two drill holes include standout intercepts of 1m at 36.4 grams per tonne gold from 41m, and 2m at 172.0g/t silver from within a broader interval of 6m at 67.0g/t silver and 1.2g/t gold.
Other highlights were 4m at 3.3g/t gold and 5.6g/t silver from 24m; 1m at 8.2g/t gold from 20m; 9m at 1.5g/t gold from 15m; and 1m at 5.7g/t gold and 34.8g/t silver from surface.
Both holes were on the Nelson line, which is the most prolific trend within the rich historical St Arnaud goldfield.
It is also host to the historic Lord Nelson mine which churned out more than 300,000 ounces of gold during its time to become the goldfield’s largest producer.
Navarre’s aircore campaign comprised 113 holes for a total 7,643m, testing mainly the New Bendigo and Nelson lines of reef – both part of the recently-granted exploration licence EL6819 – as well as some regional targets.
EL6819 covers most of the historical mines of the St Arnaud goldfield which produced 400,000oz of gold between 1855 and 1916 at an average grade of 15g/t.
Along with other high-grade intercepts, the latest aircore results have confirmed the potential for Navarre to discover significant economic gold mineralisation beneath the goldfield’s shallow historical workings.
Managing director Ian Holland said the company could now move forward with an expanded 4,000m program, with a view to outlining a maiden resource.
“Diamond core drill testing is the next logical step [in our exploration program] which would add to our recently-announced resource at Stawell Corridor,” he said.
“St Arnaud is the second largest hard rock goldfield in the Stawell geological zone, which so far has missed out on Victoria’s gold resurgence but hopefully not for much longer.”