Following recent high-grade copper exploration success at Thursdays Gossan, Navarre Minerals (ASX: NML) is about to start evaluating its other tenements in the Victorian Stavely Arc region, including a new drilling program with joint venture partner Stavely Minerals (ASX: SVY) at the Stavely project which hosts Thursdays Gossan.
Last month, the joint venture partners reported a 32m intersection at Thursdays Gossan grading 5.9% copper, 1 gram per tonne gold and 58g/t silver from 62m.
A further 4.4m interval assayed at 4% nickel and 0.2% cobalt from 96.7m, while another drill hole intercepted 8m at 9.69% copper, 0.4g/t gold and 16.8g/t silver from 177m.
This second hole also hit a broad 59m intersection grading 1.8% copper, 0.43g/t gold and 15.4g/t silver from 98m.
Thursdays Gossan success spurs wider exploration
In addition to the Stavely project, where Stavely is earning up to 80% of the 201 square kilometre exploration licence, Navarre noted that it owns other strategic land positions in the Victorian province including 100% of the 124sq km Black Range and 46sq km Glenlyle projects.
Combined, all licences form part of Navarre’s wider Western Victoria copper project.
Aircore drilling at Glenlyle during the March quarter unearthed numerous high-grade silver intersections.
Highlights from the first quarter campaign were 23m at 30.3g/t silver from 76m, including 2m at 245g/t silver, 0.5g/t gold and 0.1% zinc from 87m; 47m at 11.8g/t silver from 58m, including 1m at 390g/t silver, 1g/t gold, 0.3% lead and 0.7% zinc from 78m; and 1m at 4g/t gold from 58m, and 1m at 155g/t silver from 82m.
Navarre anticipates the results point to a significant mineralised system at Glenlyle, which it plans to follow up with a planned aircore and diamond drilling program in the first half of next year.
Over at Black Range, Navarre carried out reverse circulation at the Eclipse prospect in mid-2014, which was following up on near surface copper and gold mineralisation that was discovered and assayed up to 2.8% copper and 3.6g/t gold.
Deeper drilling returned thick intersections but at lower grades.
One of the better intersections was 136m at 0.3g/t gold from 2m, including 107m at 0.2% copper and 0.2g/t gold from 312m.
However, an induced polarisation survey identified an anomaly which remains undrilled.
Navarre said this anomaly has now become a high priority target following the copper discoveries at Thursdays Gossan.
During the current quarter, Navarre has scheduled 1,000m of diamond drilling to test the anomaly.
By mid-afternoon, shares in Navarre were steady at $0.13, while Stavely’s share price had rocketed more than 26% to $1.37.