Navarre completed second phase of air-core drilling and received results from Glenlyle project

What Is Happening With Iron Ore Prices And The Dilemma Of Iron Ore Miners?

Navarre Minerals Limited (ASX: NML) announced on 21st March 2019 that the company completed the second phase of air-core (AC) drilling and received the highest grade of silver and gold so far from the Glenlyle project, which is located approx. 25Km north of Stavely Minerals Limited’s (ASX: SVY) Thursday’s Gossan porphyry copper-gold project in the Stavely Arc Volcanic Complex.

The project is wholly-owned by the company and is running on the exploration licence EL 5497 in western Victoria, Australia.

Navarre completed the second phase of the air-core drilling totalling 1,690 metres across 19 holes at the project site. The drilling targeted extensions of epithermal-style gold and silver mineralisation, which was intersected in the company’s maiden 2018 drilling program. The some of the best intersection which the company received in 2018 was from the hole identified as GAC030 which resulted in 46m @ 8.1 g/t silver, including 1m @ 252.0 g/t Ag, 3.1 g/t Au, 0.3% Pb and 0.3% Zn.

The best result from the second phase of the drilling was received from the drill hole identified as GAC054, which resulted in 23m @ 30.3 g/t Ag, including 2m @ 245.0 g/t Ag, 0.5 g/t Au, and 0.1% Zn. In the same drill section (GAC055) the company encountered the highest grade of silver till to date. The intersection from GAC055 resulted in 47m @ 11.8 g/t Ag, including 1m @ 390.0 g/t Ag, which market the highest grade received so far from the project site and 1.0 g/t Au, 0.3% Pb, and 0.7% Zn.

On the same section, the holes identified as GA402 recorded the highest-grade gold of the project till date the drill hole resulted in 1m @ 4.0 g/t Au from within a broader zone of silver mineralisation assaying 31m @ 6.1 g/t Ag from 54m.

All the three drilled holes reverted with the mineralisation and occurred within an envelope of anomalous silver mineralisation which remains open to the east, at depth and to the north. The assay of anomalous silver surrounding the grades is between 1g/t and 12g/t of silver.

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A step-out drill transverse from the hole identified as GAC030 intersected 51m @ 7.3 g/t Ag including 1m @ 248.0 g/t Ag, 0.5 g/t Au and 0.2% Zn in hole GAC057. The other intercepts of importance include results from the hole identified as GAC058 which returned 6m @ 0.2g/t Au and 452ppm arsenic from the basement rocks immediately beneath the Tertiary basalt cover and above the base of oxidation.

The mineralisation identified in the drilling occurred as discreate quartz and sulphide veinlets within a pervasive sericite-pyrite altered andesite and the orientation of the mineral structure is not clear to the company at this stage, and it will require further drilling to understand the geometry of the mineralised system.

The other intercepts with significance were as:

The drill hole identified as GAC046 resulted in 48m @ 2.9 g/t Au from 51m to end of the hole, including 4m @ 0.3% Zn from 61m and 6m @ 0.4 g/t Au from 80m which remains open to east.

 The drill hole identified as GAC047 resulted in 1m @ 1.7 g/t Au, 6.7 g/t Ag from 83m.

 The drill hole identified as GAC056 resulted 27m @ 1.4 g/t Ag, 0.1 g/t Au from 49m including 1m @ 0.2% Cu from 50m, 1m @ 0.7 g/t Au from 63m and 3m @ 0.1% Zn from 51m.

The results from the drilling suggest that Glenlyle Project is leaping to be a significant mineralised zone for the company.

The share of the company closed at A$0.094 (as on 21st March 2019, 05:34 Pm), flat as compared to its previous close.


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