Navarre Minerals Limited (ASX: NML) is a mineral exploration company based out in Victoria, Australia exploring gold deposits in Stawell Goldfields and Ararat Goldfields.
As on 11th December, the company announced a high-grade gold discovery in its maiden drilling program, at its 100% owned Langi Logan Gold Project. The project is one of seven basalt dome targets covering a 60 km strike of the prospective ‘Stawell Gold Corridor’, of which 40 km section of exposed basement rocks within this Corridor has yielded over 6 m ounces of gold in two multi-million-ounce goldfields. From the Cathcart Central and New Langi Logan shafts, more than120,000 ounces of alluvial gold were mined. This shows a good sign for a potential Stawell-style gold deposit at the basalt dome.
The intersection of shallow high-grade gold mineralization at significant zones was revealed in the assay results from the first Air-Core (AC) drilling program at Langi Logan Gold Project. The AC drilling program is spread over 4 km of which approximately 2 km with 22 holes dug has been completed to date, with the results been received for the first 15 holes only. A strong similarity between the Central and Basalt Contact lodes mined at Magdala and Hole-LLA014 is being observed by the Geology and mineralization department.
On 5 November 2018, NML was granted the retention license for Tandarra Gold Project (TGP), replacing the existing Exploration License, providing the JV partners security for ten years over the project. On 20 November 2018, the company announced to commence the TGP in early 2019 along with the completion of the 4,146m RC drilling project at Adventure Lode on the company’s flagship Irvine Gold Project and the commencement of its Langi Logan Gold Project.
NML has identified three core Targets A, B & C for the exploration. Currently, there is no drilling on the southern margins of the basalt dome, but the current drilling program will test several structural targets over the region.
Target A is estimated with an area of around 1.6 km. The two drill traverses are spaced 800m apart, exhibiting significant gold mineralization in that region. Only three drill holes, two from the current program & 1 historical hole, have now effectively tested on the east flank of the Langi Logan dome, highlighting an excellent potential for significant expansions of gold mineralization.
Target B is interpreted to lie above Cambrian Basalt dome which is an ideal for the formation of gold-bearing structures.
Target C returned gold with a thick sequence of carbonaceous and graphitic black shales. The broad zones of anomalous silver and copper were intersected from the two-drill traverse with a few gold minerals being encountered.
The scrip price has not been performing well over the past six months as it has fallen by almost 23.33%, but after the today’s announcement, the scrip price soar by 4.348%, now trading at 4.8 cents as compared to 4.6 cents yesterday.
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