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Navarre Minerals Ltd.
Summary
| Project: | Stawell Corridor | |
|---|---|---|
| Deposit: | Stawell Corridor | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 12/1/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 1-12-2016: Navarre Minerals Ltd. announces an Exploration/Drilling Update report for its Stawell Corridor deposit at the Stawell Corridor project. Drilling results incl. 6m @ 6.3g/t Au from 66m. Navarre Minerals Limited (ASX Code: NML) (Navarre or the Com | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Geoff McDermott (Internal) | |
| ABSTRACT: | Navarre Minerals Limited (ASX Code: NML) (Navarre or the Company) is pleased to announce strong assay results from the first batch of samples received from its maiden 4,000m air-core (AC) drilling program currently underway at its 100%- owned Stawell Corridor Gold Project, located 15 kilometres south of Stawell in western Victoria (Figure 1). Drill hole IAC018 intersected 2m at 41.5g/t gold from surface and 6m at 6.3g/t gold from 66m down hole including 1m at 24.6g/t gold (Figures 2 & 3). The lower intercept is interpreted to be Stawell-style gold mineralisation where gold is associated with quartz veining and arsenopyrite located adjacent to the margins of Cambrian basalt. The upper intercept is thought to represent an alluvial gold position which will require further investigation. Drill hole IAC017 intersected 8m at 1.2g/t gold from 18m down hole from within a broader zone of 20m at 0.9g/t gold, also from 18m. This mineralisation is interpreted to represent the up-dip oxide position of the lower IAC018 gold intercept located above a basalt flow termination or “nose.” These early assay results confirm the presence of shallow primary gold mineralisation of the Stawell-style at Irvine. They represent a new mineralised zone unrecognised by previous explorers and provide early confidence for further potential gold discoveries as the drilling program progresses along the basalt margins. The Company commenced an AC drill program on 9 November 2016 to test the potential for the Irvine gold prospect to be an analogue of the multi-million ounce Magdala gold deposit located on the opposite side of the Stawell Granite in similar rocks to the north (Figure 1). The program is seeking the primary reef source to approximately 1 million ounces of alluvial gold production mined during the 19th century on the Ararat Goldfield. | |
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