Navarre Minerals unveils resource and reserves statements for Queensland and Victorian gold assets

Navarre Minerals (ASX: NML) has unveiled a group gold mineral resource for its Queensland and Victorian assets totalling 15 million tonnes at 1.5 grams per tonne for 718,000 ounces of gold.

The figures feature a maiden resource for the newly-acquired Mt Carlton operation (including Crush Creek) of 11.1Mt at 1.2g/t gold for 414,000oz.

The operation comprises the V2 open pit and underground mines, the A39 underground mine, Telstra Hill, the tailings storage facility, surface stockpiles and Mt Carlton United satellite deposit.

The mineral resource estimate also includes 3.8Mt at 2.43g/t gold for 304,000oz for Navarre’s wholly-owned Resolution and Adventure gold deposits along the Stawell Corridor in Victoria.

Ore reserves

A group ore reserves statement also released today totals 7.9Mt at 0.8g/t gold for 208,000oz of gold and represents Navarre’s maiden reserves for Mt Carlton including initial figures for Crush Creek of 0.6Mt at 3g/t gold for 54,000oz.

The mineral resource and reserves estimates were based on results from drilling conducted across Navarre’s projects until 31 December.

Price assumptions

Navarre’s resources and reserves estimates employ commodity price assumptions of A$2,100 per ounce gold for ore reserves and A$2,400/oz for mineral resources in Queensland.

A gold price of A$2,500/oz was applied for resources in Victoria.

Silver was assumed at A$27/oz for reserves and A$30/oz for resources, while copper assumptions sat at A$10,000 per tonne for reserves and A$12,000/t for resources.

The company said its open pit resource estimates were reported within optimised pit shells developed using a A$2,400/oz gold price assumption and considered forecast mining costs, metallurgical recoveries and payability factors.

Underground mineral resources were reported within underground mining shapes at A$2,400/oz and considered the same factors.

Important milestone

Managing director Ian Holland said the resources and reserves statements represent an “important milestone” as Navarre moves towards its goal of becoming a significant Australian gold producer.

“Mt Carlton is now a strategic, cornerstone asset for our business and it is pleasing to present our maiden mineral resource and ore reserve for this operation,” he said.

“We are working hard to secure a long and sustainable production future at Mt Carlton, which will provide benefits for all stakeholders.”

Business plan

Navarre’s business plan focuses on exploring Victoria’s premier gold districts, as well as the Mt Carlton operation in northern Queensland which it acquired in October from Evolution Mining (ASX: EVN).

The $90 million acquisition included 815 square kilometres of highly-prospective tenements, which the company intends to explore with an aggressive program.

In Victoria, Navarre is searching for deposits in an extension of a corridor of rocks which host the 6Moz Stawell and 1Moz Ararat goldfields (collectively known as the Stawell Corridor project).

It is working on growing a maiden resource at Resolution and Adventure, on the margins of the Irvine basalt dome, and advancing a high-grade gold discovery on the 14.5km-long Langi Logan basalt dome.

Navarre is also searching for high-grade gold at its St Arnaud project, where recent drilling identified mineralisation beneath and adjacent to historical mine workings of the 400,000oz St Arnaud goldfield.