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- Australian resources company Navarre Minerals (NML) has acquired the Victorian Jubilee Gold Project
- Through the sale, the company acquired a 122 square kilometre exploration licence, which also covers the project’s historical mechanisms
- Jubilee is also situated just 25 kilometres southwest of the highly fruitful Ballarat Goldfield, and near LionGold’s Ballarat Goldmine infrastructure
- In order to acquire Jubilee, Navarre paid $40,000 for the exploration licence, and will fork out a further $50,000 when it announces a mineral resource
- But despite the new acquisition, Navarre’s Managing Director says the company’s priority remains a drilling program at Resolution Lode, which forms part of the company’s flagship Stawell Corridor Gold Project
- On the back of the acquisition news, Navarre shares have peaked 3.03 per cent higher at market close, trading for 17 cents per share
Australian resources company Navarre Minerals (NML) has acquired the Victorian Jubilee Gold Project.We are extremely pleased to add this property to our gold portfolio,” Navarre Managing Director Geoff McDermott said.
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The Jubilee Project
Through the sale, the company acquired a 122 square kilometre exploration licence, which also covers the project’s historical mechanisms.
One such working is the Jubilee Gold Mine, which was in action from 1887 to 1913. In that time, the mine produced 130,000 ounces of gold.
But since the mine was closed more than a century ago, Navarre says that no real attempts at modern exploration have been made — making Jubilee ripe for the picking.
Despite the project’s long hibernation, Navarre has conducted some soil sampling to cherry-pick some priority prospects. The company says these will be the first exploration targets in an upcoming drilling program.
In the meantime, Navarre is working through Jubilee’s historical reports, but says further work this year will include lots of detailed surveying, computer modelling and planning for programs to come.
In order to acquire Jubilee, Navarre paid $40,000 for the exploration licence, and will fork out a further $50,000 when it announces a mineral resource. Further, Navarre is expected to pay a one per cent net smelter return (NSR) royalty on all the gold and metal produced at the mine.
Prime position
For Navarre Minerals, this acquisition is all about location, location, location.
Jubilee is also situated just 25 kilometres southwest of the highly fruitful Ballarat Goldfield, and near LionGold’s Ballarat Goldmine infrastructure.
Additionally, Navarre boasts that Jubilee is situated within a “world-class gold district.” It’s also near a number of Navarre’s existing precious metal exploration plays.
But despite the new acquisition, Managing Director Geoff McDermott says Navarre’s priority remains a drilling program at Resolution Lode, which forms part of the company’s flagship Stawell Corridor Gold Project.
“This outstanding exploration property has a history of delivering relatively uniform and continuous high-grade gold mineralisation from within quartz lode structures, all just 25 kilometres from a significant processing facility and mine infrastructure,” Geoff explained.
“The company intends to commence exploration immediately and will look to add extra geological resources to manage the additional workload,” he continued.
On the back of the acquisition news, Navarre shares have peaked 3.03 per cent higher at market close, trading for 17 cents per share.
