Join our daily newsletter At The Bell to receive exclusive market insights
- Navarre Minerals has reported significant new results from diamond drilling conducted at Resolution Lode
- Resolution Lode lies within Navarre’s multi-million ounce Stawell Corridor Gold Project in Victoria
- A total of nine holes were drilled for nearly 2900 metres to test the continuity of gold mineralisation
- Positively, results expanded gold mineralisation by over 300 metres in depth and have indicated strong gold-shoot development
- Expansion drilling is planned however operations may be slower as the coronavirus has led to a reduction in drill rigs
- Navarre Minerals is up 4.76 at market close and shares are trading for 11 cents each
Navarre Minerals (NML) has reported significant new drilling results from Resolution Lode on the eastern flank of the Irvine basalt dome.
Resolution Lode is part of the Navarre’s wholly-owned Stawell Corridor Gold Project, located in western Victoria.
The Irvine basalt dome occurs within a prospective corridor of rocks that host the 5 million ounce Stawell and 1 million ounce Ararat goldfields located along the western edge of the Stawell Geological Zone.
Navarre has completed a total of nine holes for approximately 2900 metres of expansion diamond core drilling. The drill program aimed to test the continuity and extent of previously intersected shallow gold mineralisation.
Assays have been received for eight of the nine holes completed at Resolution Lode and results for the remaining diamond hole will be released in the next few weeks.
Results include 7.7. metres at 5.6 g/t gold from 141.8 metres and 3.9 metres at 4.4 g/t gold from 154.8 metres within a broader zone of 18.7 metres at 3.4 g/t gold, 2.5 metres at 6.1 g/t gold from 373.2 metres and 2.4 metres at 6.0 g/t gold from 428.5 metres, 2.6 metres at 5.5 g/t gold from 301.9 metres, 2.4 metres at 4.4 g/t gold from 293.7 metres, 3.1 metres at 3.1 g/t gold from 204.3 metres.
“These terrific diamond drill results from Resolution Lode are providing strong evidence for gold-shoot development, similar to that mined on the flanks of the Magdala basalt dome at Stawell’s 4 million-ounce Magdala Gold Mine, on-strike 20km further north,”Managing Director Geoff McDermott said.
These results have expanded gold mineralisation by over 300 metres in depth and remains open and the results have shown gold occurs in two higher-grade gold shoots.
The mineralisation is characterised by significant quartz veining, occurring with strong chlorite alteration containing minor amounts of sulphides, including arsenopyrite, pyrite, pyrrhotite and rare visible gold.
The identified south plunging gold shoots at Resolution Lode is considered a significant exploration breakthrough for the project. The company expects it to lead to improved design, targeting and more successful drill testing for this lode-style mineral system.
“Drilling is continuing to systematically evaluate the size, continuity and tenor of gold mineralisation at Resolution Lode in order to see if it has what it takes to deliver Victoria’s next major gold deposit,” Geoff added.
Expansion diamond drilling is planned to continue however Navarre has had to reduce operations from three diamond drilling rigs to one and has had to suspend regional reconnaissance air-core drilling due to COVID-19.
Navarre Minerals is up 4.76 at market close and shares are trading for 11 cents each.
