Navarre Minerals Limited (ASX:NML) has discovered a new gold-bearing quartz-sulphide lode structure at the Cullings Prospect within its Irvine gold project in Victoria.
A significant near surface gold-bearing quartz-sulphide structure has been intersected, which is similar to the high-grade Resolution Lode discovery. The highlight results include:
- 5 metres at 3.2 g/t gold from 53 metres;
- 7 metres at 2.8 g/t gold from 36 metres; and
- 2 metres at 3.8 g/t gold from 26 metres.
Importantly, the discovery in the first assays received from Navarre’s ongoing 7,000 metre air-core (AC) drilling campaign reaffirms the company’s multi-lode exploration model at Irvine.
Navarre aims to develop the Irvine project into a multi-million-ounce gold deposit similar to the nearby 4 million ounce Magdala gold project in Stawell.
Stawell-style gold orebodies are highly prized because the gold is fine-grained, more continuous, and extend to a greater depth than gold mineralisation typically found at Victoria’s other goldfields.
The drilling continues to validate the geological and structural understanding at Irvine, particularly the presence of multiple mineralised gold zones along the flanks of the basalt dome akin to Magdala.
Navarre is planning to conduct targeted follow-up reverse circulation and diamond drilling designed to test the underlying fresh rock where higher gold grades are expected to occur.