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Navarre Minerals (ASX:NML) - Managing Director, Ian Holland - The Market Herald
Managing Director, Ian Holland
Source: Small Caps
  • Navarre Minerals (NML) has received more significant gold results from its ongoing diamond drilling program at the Resolution Lode prospect
  • Resolution Lode is located 20 kilometres south of the four-million ounce Magdala Gold Mine in Victoria
  • So far, 6000 out of 10,000 metres have been drilled which is targeting a maiden mineral resource in early 2021
  • Latest results have returned gold grading up to 7.5 and 9.2 grams per tonne of gold
  • Drilling is ongoing and Navarre plans to deploy a second drill rig to accelerate the program
  • Company shares are up a healthy 17.4 per cent and are trading for 13.5 cents

Navarre Minerals (NML) has received more significant gold results from its ongoing diamond drilling program at the Resolution Lode prospect.

Resolution Lode is located 20 kilometres south of the four-million ounce Magdala Gold Mine in Victoria.

So far, the company has completed around 15 holes, for around 6000 metres, of its 10,000-metre drilling program. Drilling is aimed at confirming the depth and strike potential of the Resolution Lode discovery to deliver a maiden mineral resource in early 2021.

Pleasingly, the latest results have extended the known strike length of gold mineralisation at the discovery and has enhanced the depth potential of the South Shoot.

Latest and best results include five metres at 10g/t gold from 273.9 metres, 9.4 metres at 5.3g/t gold from 355.6 metres including 3.4 metres at 9.2g/t gold, and 10.8 metres at 4.5g/t gold from 483.6 metres including 4.2 metres at 7.5g/t gold.

These results build on previous significant results at Resolution Lode, including 18.7 metres at 7.1g/t gold from 196.3 metres including 5.7 metres at 11.6g/t gold and 10.6 metres at 6.2g/t gold from 135.7 metres including 3.3 metres at 16.9g/t gold.

"Resolution Lode continues to deliver consistently strong intersections of high-grade gold mineralisation from within a well-defined lode channel," Managing Director Ian Holland said.

"Resource definition drilling continues to evaluate the size, continuity and tenor of gold mineralisation at Resolution Lode as Navarre looks to deliver Victoria’s next major gold deposit," Ian added.

Navarre is pleased that drilling has consistently demonstrated significant gold mineralisation within a quartz-rich shear structure that continues from surface and extends beyond a 350-metre depth. Mineralisation remains open down-plunge.

Around 4000 metres of diamond drilling is yet to be completed. To accelerate the program, the company will deploy a second drill rig early next month, and maybe even a third.

Company shares are up a healthy 17.4 per cent and are trading for 13.5 cents at 11:21 am AEST.


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