Join our daily newsletter At The Bell to receive exclusive market insights
- Navarre Minerals (NML) is expanding its drilling program at the Irvine Project from 10,000 metres to 12,000 metres
- A second diamond drill rig has arrived at the project site to support the accelerated program
- Drilling is targeting the Resolution Lode mineral system to confirm its depth and strike potential
- Ultimately, Navarre aims to deliver a maiden mineral resource by the end of the first quarter in 2021
- Navarre is also well-funded for exploration work with around $12 million in the bank
- The company ended the day trading flat at 22.5 cents
Navarre Minerals (NML) has announced a second diamond drill rig has arrived at its Irvine Project in Victoria.
The Irvine Project is located just 20 kilometres south of Stawell’s four million ounce gold mine and hosts gold mineralisation of a similar style to the nearby multi-million ounce Magdala gold deposit.
The rig has arrived to accelerate an ongoing resource definition and extension drilling program at Resolution Lode which is on the Irvine basalt dome. Now that, the company has the capacity, drilling has been extended from 10,000 metres to 12,000 metres.
So far, Navarre has drilled 7000 metres as part of this program. Previous results include five metres at 10g/t gold from 273.9 metres, 10.6 metres at 6.2g/t gold from 135.7 metres including 3.3 metres at 16.9g/t gold and 18.7 metres at 7.1g/t gold from 196.3 metres including 5.7 metres at 11.6g/t gold.
Drilling is testing a geophysical anomaly 300 metres south on-strike of the current drilling which is interpreted as a potential extension of the Resolution Lode mineral system.
Overall, Navarre is aiming to confirm the depth and strike potential of the Resolution Lode discovery to deliver a maiden mineral resource by the end of the first quarter in 2021.
“We’re excited to be drilling out our first potential mineral resource at Resolution Lode, only 20 kilometres south from a fully permitted and operating processing facility,” Managing Director Ian Holland said.
“We look forward to sharing further news flow from both drill rigs over the coming weeks as we continue to unlock the full potential of the Irvine basalt dome,” he added.
Navarre is confident it is fully funded to complete the drilling program with around $12 million in the bank.
The company ended the day trading flat at 22.5 cents.
