Navarre Minerals strikes high-grade gold at Resolution and Adventure prospects

Navarre Minerals ASX NML diamond core drill intercepts gold Resolution Adventure Stawell Corridor
Navarre Minerals’ latest drilling results pave the way for a maiden gold resource at the Stawell Corridor project by the end of March.

Advanced explorer Navarre Minerals (ASX: NML) has reported further high-grade gold results from diamond core drilling at the Resolution and Adventure prospects within its flagship Stawell Corridor gold project in Victoria.

In today’s announcement, the company confirmed multiple zones of high-grade mineralisation with best intersections at Resolution comprising 0.5m at 55.7 grams per tonne gold from 508.9m; 4m at 3.1g/t from 558.8m; and 3.1m at 3.1g/t from 331.3m including 0.7m at 11.2g/t gold.

Assay highlights from the Adventure prospect were: 3.2m at 9.6g/t gold from 263.6m, including 0.9m at 12.5g/t; and 8.4m at 3.4g/t from 405.6m, including 0.9m at 13.7g/t gold.

These latest assays conclude the 27-hole, 12,000m resource definition drilling program undertaken over the past year at Resolution and follow earlier positive gold hits including 0.6m at 55g/t gold, 1m at 20.8g/t, 5m at 10g/t and 9.4m at 5.3g/t gold.

Navarre is now preparing to deliver a maiden gold resource by the end of March.

“We remain highly confident on delivering our maiden mineral resource by the end of this month, the first instalment of a growing resource base for our 100% owned Stawell Corridor gold project,” Navarre managing director Ian Holland said.

Drilling success continues at Resolution

At the Resolution prospect, the latest results came from testing the basal areas of the South Shoot where drilling focused on defining a potential economic boundary to the gold mineralisation.

The drilling continues to expand the extents of a strongly mineralised quartz-rich shear structure known as the Main Zone that continues from surface and extends beyond 400m deep, remaining open down-plunge to the south.

The assays also showed evidence of multiple high-grade mineralised structures and associated quartz veining on both the western and eastern sides of the Main Zone, Navarre reported.

“Drilling at the Resolution prospect continues to deliver multiple strong intersections of gold mineralisation from within a well-defined lode channel,” Mr Holland said.

First visible gold for Adventure prospect

The four targeted holes drilled at Adventure were designed to scope the depth potential of the prospect.

According to Navarre, drilling resulted in in two of the highest grade intercepts recorded to date from a strongly mineralised quartz-sulphide lode structure similar in character to the Main Lode at the Resolution prospect.

In addition, the company recorded the “first observed speck of visible gold” at Adventure in one of the deepest holes, suggesting a “potential increase in gold tenor with depth”.

Drilling to continue to test beyond the anticipated resource

Navarre said it plans to continue diamond core drilling beyond the mineral resource estimation period, with a focus on expanding the potential resource base with infill and step-out drilling on both the Resolution and Adventure prospects.

Currently, one drilling rig is continuing to operate at Resolution to test beyond the extents of the anticipated resource.

Pending approvals, the company then plans to begin a 2,000m diamond core drilling program at the Adventure prospect in April.

Project in proximity to 5Moz gold mine

Navarre’s wholly-owned Stawell Corridor project lies 20km south of Stawell’s 5Moz Magdala gold mine in Victoria.

“Several parallel zones of high-grade gold mineralisation to the east and west of the Main Zone are providing further confidence that Resolution has the potential to grow into a large deposit like the nearby Magdala system,” Mr Holland said.

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