- Navarre Minerals (NML) begins a major geophysical survey at its Morning Bill prospect within the Glenlyle tenement in Victoria
- Khumsup Geophysics has been engaged to undertake the survey which will help to understand the ‘bigger picture’ of Morning Bill
- The survey will aim to identify near-surface targets and help unravel the basement geology of a potentially large epithermal and porphyry system
- Work will be funded by the recent placement and share purchase plan which raised $10 million and $4.9 million, respectively
- Navarre is up 5.26 per cent on the market with shares trading at 10 cents at 11:57 am AEST
Navarre Minerals (NML) has begun a major geophysical survey at its Morning Bill prospect within the Glenlyle tenement in Victoria.
Khumsup Geophysics has been engaged to undertake the survey which will help to understand the ‘bigger picture’ of Morning Bill.
The survey will aim to identify near-surface targets and help unravel the basement geology of a potentially large epithermal and porphyry system.
This work will be funded by the recent placement and share purchase plan which raised $10 million and $4.9 million, respectively.
Managing Director Ian Holland hopes this work will unlock the full potential of Morning Bill.
“We believe Morning Bill is part of a much larger porphyry system and, on the back of our recent capital raising, we plan to aggressively explore its full potential,” Mr Holland said.
“The induced polarisation survey is expected to provide a high quality 3D model, which will then be used to plan and optimise our drill testing of the exciting Morning Bill prospect.”
The survey follows Navarre’s diamond drilling program where results have been received for the first three holes drilled.
Results for the remaining five holes are expected to be reported on in the coming weeks.
Navarre was up 5.26 per cent on the market with shares trading at 10 cents at 11:57 am AEST.