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Navarre Minerals Ltd.
Summary
| Project: | Stawell Corridor | |
|---|---|---|
| Deposit: | Irvine | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 11/30/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 30-11-2017: Navarre Minerals Ltd. announces an Exploration/Drilling Update report for its Irvine deposit at the Stawell Corridor project. Drilling results incl. 7m @ 2.8g/t Au from 36m. Navarre Minerals Limited (Navarre or the Company; ASX: NML) is please | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Shane Mele (Internal) | |
| ABSTRACT: | Navarre Minerals Limited (Navarre or the Company; ASX: NML) is pleased to announce the discovery of a significant new gold-bearing quartz-sulphide lode structure at its 100%-owned Irvine Gold Project in Victoria (Figure 1). The discovery at the Cullings Prospect, in the first assays received from Navarre’s ongoing 7,000m air-core (AC) drilling campaign at the Irvine Project, is highly significant as it reaffirms and strengthens the Company’s multi-lode exploration model at Irvine. Navarre aims to develop the Irvine Project into multi-million-ounce gold deposit similar to the nearby four million-ounce Magdala Gold Project. The Cullings Prospect is located on the east flank of the +8km long Irvine basalt dome in the same geological position as the high-grade Resolution Lode, 4kms further to the north (Figure 2). The AC program is a proven method to confirm the presence of shallow gold-bearing structures close to surface within the oxide dispersion zone of the basement rocks. Based on positive assay results, as seen at Cullings, the Company plans to conduct targeted follow-up reverse circulation (RC) and diamond (DD) drilling programs designed to test the underlying fresh rock where higher gold grades are expected to occur. This is a common feature of the weathering profile of Stawell-style gold mineralisation as evidenced at Kirkland Lake Gold Ltd.’s Big Hill Gold Project and observed within Navarre’s Resolution Lode discovery, announced earlier this year. The AC 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 Stawell’s 4Moz Magdala gold deposit. This opens the potential for further shallow discoveries from the ongoing regional AC testing of the remaining gold targets identified south of Resolution Lode on both flanks of the Irvine basalt (Figure 2). The Irvine Gold Project is one of two flagship gold projects Navarre owns inside Victoria’s golden triangle. Navarre’s other project is the Tandarra Gold Project, located near Kirkland Lake Gold Ltd.’s world-class Fosterville Gold Mine (Figure 1). | |
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