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Navarre Minerals Ltd

Navarre Minerals’ first-pass drilling confirms Fosterville-style gold potential at St Arnaud

The program delivered multiple encouraging gold and silver intersections representing similarities to the high-grade Swan and Eagle zones at Fosterville.

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Visible gold was intersected in the program

Navarre Minerals Limited (ASX:NML) has received encouraging gold and silver intersections from recently completed aircore drilling at the St Arnaud Gold Project in northwest Victoria.

Navarre competed a shallow first-pass aircore program over three priority targets - North Reef, South Reef and NW Gossan - totalling 1,400 metres across 19 holes.

The program was undertaken at the St Arnaud East prospect within the East Field trend of the project, which has been subject to minor historical drilling including RAB holes in the 1970s returning 0.1–1.8 g/t.

High-grade results

Drilling was designed to test for early indications of high-grade quartz vein systems similar to the 7-million-ounce world-class Fosterville Gold Mine.

Best results at North and South Reef include:

- 6 metres at 2.5 g/t gold from 80 metres including 1 metre at 5.4 g/t within a broader interval of 25 metres at 0.9 g/t from 63 metres; and

- 3 metres at 2.2 g/t from 30 metres including 1 metre at 5.4 g/t.

 

“Economic mineralisation”

Navarre managing director Geoff McDermott said: “The company is highly encouraged with the results from this first pass drilling program into potential Fosterville style quartz reefs at St Arnaud.

“They demonstrate the potential for the discovery of economic gold and silver mineralisation associated with these east-west trending quartz veins.

“The drilling has delivered compelling new exploration targets that we intend to further assess in the coming months and has provided an important insight into the geometry and structure of the gold and silver mineralised zones that exist on surface.”

Fosterville potential

The two quartz reef targets (North and South Reef) dip steeply to the south and display similar vein geometries to Fosterville’s Swan and Eagle zones.

The third target (NW Gossan) parallels to the northwest and may be a bedding parallel fault similar to the Fosterville fault.

Deeper drilling planned

Planning is underway for deeper drilling into the fresh basement rock beneath the best results.

The company is utilising its knowledge base of the Fosterville and other Victorian gold deposits as well as the methodologies developed into the exploration approach at the St Arnaud Gold Project.  

- Jessica Cummins 

 

Quick facts: Navarre Minerals Ltd

Price: $0.08

Market: ASX
Market Cap: $34.8 m
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