- Navarre Minerals (NML) identifies multiple new drill targets at its Mt Carlton project in Northern Queensland
- The targets were revealed following the interpretation of legacy geophysical data over the tenement package, dating back to 2008
- Navarre Managing Director Ian Holland says the new targets add further scale potential to the project
- The company will begin a 10,000-metre large orebody discovery exploration (LODE) drill program next month, testing 32 prioritised targets, including the new targets
- NML shares are up 5.56 per cent, trading at 3.8 cents at 1:06 pm AEDT
Navarre Minerals (NML) has identified multiple new drill targets at its Mt Carlton project in Northern Queensland.
The targets were revealed following the interpretation of legacy geophysical data dating back to 2008.
The company confirmed the targets were located in close proximity to mine infrastructure that shared similar geophysical response patterns.
Navarre Managing Director Ian Holland said the new targets added to the “significant” scale potential of the project.
“The quantity and quality of targets derived from evaluation of the geophysical data add further scale potential to this highly prospective licence area,” Mr Holland said.
“… We look forward to the potential discovery of more significant mineralisation to grow mineral inventory and expand mine life.”
The company acquired Mt Carlton in December 2021 in a deal that included multiple generations of geological data over the 815-square-kilometre tenement package.
The data included magnetic, gravity, radiometric, electrical and hyperspectral geophysical surveys, as well as drilling and geochemical information.
“Our work over the past twelve months of ownership has demonstrated the extensive epithermal style gold-silver-copper mineralisation present within the tenement area,” Mr Holland said.
“Following re-appraisal of the geophysical data, this prospectivity is substantially enhanced, and we look forward to the potential discovery of more significant mineralisation to grow mineral inventory and expand mine life.”
Mr Holland said the most significant target was an anomaly located 1.4 kilometres southeast of the mill.
“It has a footprint larger in scale than the V2 Mine and appears to be linked to V2 by a previously unrecognised northwest-trending fault,” he said.
“As a priority, we are planning to drill several holes into this target in our upcoming surface drilling campaign.”
To date, the company has prioritised 32 drill targets that will be tested as part of a 10,000-metre large orebody discovery exploration (LODE) drill program, expected to start next month.
NML shares were up 5.56 per cent and trading at 3.8 cents at 1:06 pm AEDT.