Join our daily newsletter At The Bell to receive exclusive market insights
- Navarre Minerals (NML) has begun diamond drilling at two of its mineral properties located within the Stavely Arc
- Drilling was undertaken at the Black Range Project and the Stavely Project
- The 1200 metre drilling program will test for the source of an enriched copper blanket
- Navarre has ended the day 5 per cent in the green with shares trading for 10.5 cents apiece
Navarre Minerals (NML) has begun diamond drilling at two of its mineral properties located within the Stavely Arc.
Drilling was undertaken at the Eclipse prospect within the Black Range Project and the Northern prospect within the Stavely Project.
Stavely Arc is recognised as a continental margin arc setting similar to the Andes in South America.
Navarre is targeting large volcanic massive sulphides (VMS), porphyry copper-gold and epithermal deposits.
At the Black Range Project Navarre has commenced a 1200 metre diamond drilling program to test a large included polarisation geophysical chargeability anomaly beneath the shallow chalcocite mineralisation.
Results from this program are expected to be reported on in Q120, following the completion of the program.
The project area includes the Eclipse prospect where a supergene blanket of enriched copper mineralisation has developed above widespread copper, gold and zinc mineralisation.
The Glenlyle Project occurs in the Stavely Arc where regional geophysics indicates a possible circular intrusive at depth with potential for porphyry, epithermal and VMS mineralisation.
Shallow air core (AC) drilling at Glenlyle to date has identified a silver-gold anomaly at least 150 metres wide with grades of up to 390g/t silver, 4g/t gold, 0.7 per cent zinc and 0.3 per cent lead.
This anomalous zone remains open to the north, south and at depth.
Due to the potential for VMS mineralisation, Navarre has expanded its plans for geophysical surveys and will undertake a VTEM survey over the entire exploration licence to support drill targeting.
This survey is anticipated to occur in late January 2020.
Stavely Minerals (SVY) may earn up to an 80 per cent equity interest in Exploration Licence EL 5425 from Navarre by spending $450,000 over five years.
Stavely has already completed one of two planned 400-metre diamond core holes testing the Northern prospect in EL 5425 with assay results expected in early 1Q20.
The Northern prospect is interpreted comprise of two intrusions within ultramafic and volcanic units of the Stavely Belt and is considered to have the potential for porphyry copper-gold and epithermal gold mineralisation.
The prospect has been partly tested by historical shallow AC drilling which recorded ultramafic, sandstone and intermediate volcanic lithologies containing some anomalous copper and gold.
Additional results from this program will be announced when they become available.
Navarre has ended the day 5 per cent in the green with shares trading for 10.5 cents apiece in a $47.82 million market cap.
