- Navarre Minerals (NML) has expanded gold potential at its Langi Logan gold project in Victoria after a successful 3400-metre reconnaissance aircore drilling program
- Drilling tested the east and west margins with peak intercepts including two metres at 1.2g/t of gold and one metre at 2.0g/t of gold
- The company’s 2021 drilling program at Langi Logan is well-funded as it had $11.9 million in the bank at the end of the September quarter
- On the market today, Navarre is up 2.70 per cent and is trading for 19 cents per share
Navarre Minerals (NML) has expanded the gold potential at its Langi Logan gold project in Victoria.
The Langi Logan Project is part of Navarre’s 70-kilometre-long Stawell Corridor Project.
The company has received significant assay results from its recently completed reconnaissance aircore (AC) drilling program.
The program was carried out across 56 holes, for 3400 metres of drilling. Results include two metres at 1.2g/t of gold from 46 metres and two metres at 1.0g/t of gold from 12 metres.
As well as reporting encouraging assays, the results show the existence of a previously unknown major south-dipping fault.
This faulting is similar to the greater Stawell Gold Corridor, which is home to the four-million-ounce Magdala Gold Mine.
Langi Logan was drilled as part of the company’s ongoing 12,000-metre regional drilling campaign.
“The Langi Logan Project further enhances the potential of the Company’s Stawell Corridor ground, which now covers 70 kilometres of strike length including our flagship Irvine project,” Managing Director Ian Holland said.
“While we are still at an early stage of exploration, the results to date continue to support our view that this mineralised corridor has the potential to host several multi-million-ounce gold systems across a significant area,” he added.
At the end of the September quarter, Navarre had a cash balance of $11.9 million, which will go towards its 2021 work program. The 2021 program includes further drilling at Langi Logan.
On the market today, Navarre is up 2.70 per cent and is trading for 19 cents per share at 11:48 am AEDT.