- Gold explorer Navarre Minerals (NML) has begun a maiden aircore drilling program at its Jubilee Gold Project in Victoria
- This program will test three geophysical anomalies which are interpreted to be repetitions and extensions of the historical mined Jubilee quartz reef
- Jubilee was last drilled in 1913 and since then no modern work has been completed, meaning this will be the first work undertaken in more than 100 years
- Navarre is up 14.6 per cent on the market with shares currently trading for 27.5 cents each
Navarre Minerals (NML) has begun a maiden aircore drilling program at its Jubilee Gold Project in Victoria.
This program will test three geophysical anomalies that are interpreted to be repetitions and extensions of the historical mined Jubilee quartz reef.
Jubilee spans an area of 122 square kilometres and contains the historical 619-metre deep Jubilee Gold Mine which produced around 130,000 ounces of gold at 12g/t between 1887 and 1913.
Since then, no known significant exploration or drilling has been completed, meaning this will be the first work undertaken in more than 100 years.
“We are excited to have commenced our maiden drilling program to begin realising the potential of the Jubilee Gold Project,” Managing Director Ian Holland said.
“The Jubilee Mine has seen no real exploration in more than a century, despite having a history of yielding high-grade gold from a single traverse quartz reef structure,” he said.
“The project has the potential to deliver a significant gold discovery, all just 25 kilometres from an operating mine with significant processing capacity,” he added.
Navarre is up 14.6 per cent on the market with shares trading for 27.5 cents each at 2:12 pm AEDT.