www.navigatorresources.com.au
Navigator Resources Limited (ASX:NAV) is an emerging Perth-based gold producer with an objective of building value for shareholders and establishing a pipeline of advanced projects. The Company acquired the Bronzewing Gold Project in late 2009, and this Project recommenced production in April 2010. Navigator also continues to pursue development opportunities at the Leonora Gold Project by initially carrying out a trial mining program. The Company’s medium term objective is to target 150,000oz pa of gold production from these two open pit projects. The Company also maintains an interest in assets in the East Kimberley region, including the 100% owned Cummins Range Rare Earth Project.
Navigator Resources hits bonanza 4m at 66.58g/t near surface gold at Bronzewing
A bonanza style 4 metres at 66.58g/t gold from 28 metres, including 1 metre at 257.94g/t gold from 29 metres, has been intersected by Navigator Resources (ASX: NAV) at the Eagle Prospect, part of the highly prospective Bronzewing Gold Project, located in the northeastern goldfields region of Western Australia.
Reverse circulation follow-up drilling is imminent to further define mineralisation in the area, which is open in all directions.
Of major strategic importance, the new near surface gold strike is located just 10 kms southeast of the Bronzewing processing plant, supporting the potential for a very low ground extraction to processing station cost per ounce.
The new results were for first pass aircore drilling.
To validate this bonanza grade intersection, the original 4 metre composite sample from NEAC019 assayed 40.79g/t gold, and given the significance of the result, the laboratory was requested to re-assay the original pulp sample.
A second assay sample from the supplied original composite material was also taken.
The results produced assays ranging from 41.95g/t gold to 97.34g/t gold, with an average of 64.19g/t gold.
These new gold hits are another feather in the cap for Navigator at Bronzewing, after just last week announcing record gold production of 7,244 gold ounces for the month of October 2010.
The Bronzewing Gold Project is located 960km northeast of Perth, with gold production recommencing in April 2010.
Navigator also continues to pursue development opportunities at the nearby Leonora Gold Project, located 830km northeast of Perth, by having initially carrying out a trial mining program.
Article highlight:
With a bonanza style near surface gold hit at Bronzewing, strong short term cashflows are set to continue after October's 7,244 ounce record gold production, as the Bronzewing processing plant site is just 10kms away from the new intersection.
