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Navarre Minerals (ASX:NML) - CEO & Managing Director, Geoff McDermott
CEO & Managing Director, Geoff McDermott
Source: International Mining and Resource Conference
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  • Navarre Minerals (NML) has received encouraging new results from air-core drilling at its Glenlyle Project in Victoria
  • A total of 26 holes were drilled to expand the gold and silver mineralisation that was identified at the project in 2018
  • Results peaked at nine grammes per tonne silver, 3.6 grammes per tonne gold, and 0.5 per cent zinc
  • These results correspond with a zone of magnetic lows and an induced polarisation (IP) anomaly, both of which are untested by drilling
  • Navarre is now planning diamond drilling at the Morning Bill prospect, which is expected to be completed during this quarter
  • Company shares are up a slight 4.88 per cent and are currently trading for 8.6 cents each

Navarre Minerals (NML) has received encouraging new results from air-core drilling at its Glenlyle Project in Victoria.

Navarre’s Glenlyle Project is located 25 kilometres southwest of its Ararat Project, and 25 kilometres northeast of Stavely Minerals’ (SVY) Thursdays Gossan project.

This air-core (AC) drilling was the third completed at the project and consisted of 26 holes, for 2150 metres.

This program aimed to expand the gold and silver mineralisation that was identified in 2018.

Drilling intersected individuals gold, silver and copper mineralisation that was predominantly within a broad zone of anomalous silver.

Significant results from this program include 46 metres at 2.2g/t silver from 54 metres including one metre at 0.5g/t gold and 0.5 per cent zinc, three metres at nine grammes per tonnes silver and 0.1 per cent copper from 57 metres, and five metres at one gramme per tonne gold from 58 metres including one metre at 3.6g/t gold.

These results complement previously reported results that peaked at 252g/t silver and four grammes per tonne gold.

The recent results are considered extremely significant for this early stage of drilling.

The variable gold and silver results correspond with a zone of magnetic lows and an induced polarisation (IP) anomaly. Both of these are untested by drilling.

“The new air-core drilling results continue to provide evidence for a large poly-metallic mineral system at Glenlyle in the emerging Stavely Arc volcanics of western Victoria,” Managing Director Geoff McDermott said.

“The mineralised footprint at Glenlyle has now been expanded to approximately 350 metres by 300 metres and remains open at the south and depth,” he continued.

“Given the tenor of the results being generated at this early stage of exploration, the proximity to a magnetic low and IP anomaly, a favourable geological setting and proximity to an existing large copper discovery, we believe there is potential to discover a large poly-metallic mineral system at depth at Glenlyle,” he added.

Navarre has recently completed a VTEM (versatile time domain electromagnetic) geophysical survey to help locate any potential massive sulphide mineralisation.

Final processing and analysis of the data is now underway and will be released once completed.

Navarre is now planning diamond drilling at the Morning Bill prospect, which is expected to be completed during this quarter, however, this is subject to weather conditions, and restrictions from COVID-19.

Navarre is up a slight 4.88 per cent and shares are trading for 8.6 cents each at 2:21 pm AEST.

NML by the numbers
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