- Navarre Minerals (NML) has officially acquired the Jubilee Gold Project in central Victoria
- This came after it made a final cash payment of $20,000 to the vendor and the transfer of the exploration licence
- The Jubilee Project contains the historical namesake mine which produced 130,000 ounces of gold at 12g/t until the mine closed in 1913
- Since then, there hasn’t been any modern exploration or drilling until Navarre conducted exploration work
- This work outlined three main target areas which are planned to be drilled next month
- Company shares are up 8.51 per cent and are trading for 25.5 cents
Navarre Minerals (NML) has completed the acquisition of the Jubilee Gold Project in central Victoria.
This follows the transfer of exploration licence EL6689 and a final cash payment of $20,000 to the vendor. The company made an initial payment of $20,000 back in June. Navarre will also be required to pay the vendor $50,000 once a JORC 2012 — or equivalent — mineral resource is announced. Now, Navarre has a full, 100 per cent ownership of the gold project.
Jubilee covers 122 square kilometres and includes 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, the mine hasn’t been subject to modern exploration or drilling.
The project is located within a highly prospective and prolific mining district and is also near an operating gold mine and processing facility within the historical 12-million-ounce Ballarat Goldfield.
“The Jubilee mine workings have seen no real exploration in over a century despite having a history of delivering relatively uniform and continuous high-grade gold mineralisation from within quartz lode structures, all just 25 kilometres from an operating mine with significant processing capacity,” Managing Director Ian Holland said.
Navarre’s geologists have outlined three main target areas that are interpreted to be potential extensions of the historical Jubilee quartz reefs. The company has planned to conduct an initial aircore drilling program to test these targets next month ahead of a potential diamond drilling program.
Company shares are up 8.51 per cent and are trading for 25.5 cents at 1:36 pm AEDT.