Navarre Minerals Releases Extraordinary General Meeting Results

  • May 17, 2019 AEST
  • Team Kalkine
Navarre Minerals Releases Extraordinary General Meeting Results

Navarre Minerals Limited (ASX: NML) is an Australian based metals and mining company. It was officially listed on ASX in March 2011.

On 17th May 2019, the company, by release, updated investors about its EGM results. The company reported that the Victorian Gold Renaissance, which includes two flagship gold discoveries; “Stawell-style” gold located in Irvine and “Fosterville-style” gold located in Tandarra. Furthermore, NWL highlighted its three early-stage discoveries, such as Langi Logan – “ Stawell-style” gold, St Arnaud high-grade gold-silver and Glenyle - epithermal gold-silver.

The company’s goal is to demonstrate a multi-million-ounce gold inventory by advancing recent gold discoveries. The steps taken by the company in order to achieve this goal, include drilling Stawell Gold Corridor for next Stawell and drilling Tandarra Gold Project for next Fosterville, so on and so forth.

NML reported its focus area comprising multiple exploration programs that are currently underway, such as geophysics at Glenlyle in late May, Tandarra drilling and geophysics programs at Langi Logan. NML is strongly focused on Victorian goldfields and holds strong cash position for funding significant exploration activities in 2019.

With respect to St Arnaud gold project, NML’s maiden drilling confirmed the extension of historic goldfield north under shallow Murray Basin Cover, along with strong gold and silver intercepts, including 4m @ 6.6 g/t Au from 48m and 6m @ 2.5 g/t Au from 80m. The company’s drilling program is planned to expand discover areas, including further AC drilling into East field.

Looking forward, NML is planning to complete the 3,000 metres AC drilling program with respect to Langi Logan Gold project and to complete St Arnaud East field structural modelling. The company also stated that the first-pass air-core drilling results have confirmed significant zones of shallow gold and silver mineralisation. Additionally, the company planned a second JV committee meeting for Tandarra Gold project in early May 2019.

According to the report, Stavely Minerals Limited (ASX: SVY) might earn up to 80% equity interest in exploration license from NML by spending more than $450,000 over a five-year period.

Navarre Gold Limited completed a share placement to raise $6.0 million in early April 2019. At the end of Q1 FY19, the cash balance of the company stood at $1.8 million as compared to $2.6 million as on 31st Dec 2018. The cash reserves of the company stood at ~$7.5 million for the period.

The net cash used in operating activities was $0.788 million, including exploration and evaluation expenses (includes staff costs allocated to exploration) of $0.689 million.

On the price-performance front, at market close on 17th May 2019, the stock of NML was trading at a price of $0.069, down 5.479% with a market capitalisation of $31.7 million. The stock has yielded a YTD return of 19.67% and exhibited returns of 17.74% and -1.35% over the past six months and one-month period, respectively. Its 52-week high price stands at $0.110 with a 52-week low price of $0.045.


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