Navarre Minerals (ASX:NML) reports “outstanding” intercepts from Mt Carlton

• Navarre Minerals (NML) reports “outstanding” intercepts at its Mt Carlton United Prospect, part of the recently acquired Mt Carlton Operation in North Queensland
• Driling returned high-grade intercepts of up to 67.2 grams per tonne (g/t) gold, 1954 g/t silver and 11.9 per cent copper from 154 drill holes completed during 2021
• Navarre says it anticipates the results will inform an updated resource estimate for MCU, which it expects to publish in March
• Reverse circulation drilling started up again at the prospect after a short break for Christmas, with diamond drilling set to be introduced to test multiple shallow infill and extensional targets
• Navarre Minerals last traded at 8 cents on January 14

Navarre Minerals (NML) has reported “outstanding” intercepts at its Mt Carlton United Prospect (MCU), part of the recently acquired Mt Carlton Operation in North Queensland.

The company reported high-grade drilling intercepts of up to 67.2 grams per tonne (g/t) gold, 1954 g/t silver and 11.9 per cent copper from 154 drill holes completed during 2021 across the prospect.

The drilling program involved two reverse circulation drilling rigs, targeting the potential for shallow resource growth.

Up to 7942 metres of drilling was completed in 2021, with best results including 6 metres at 16.2 g/t gold and 164.4 g/t silver from 23 metres, including one metre at 62.9 g/t gold and 385.9 g/t silver.  

The drilling was carried out by Evolution Mining Limited (EVN), prior to Navarre assuming formal ownership of the asset.  

Navarre Managing Director Ian Holland said the company is extremely pleased with the tenor and width of the high-grade gold, silver and copper results returned from the shallow drilling.

“These promising results reinforce our belief that the delineated mineralisation has the potential to significantly extend mine life at Mt Carlton,” he said.

“We believe MCU has the potential to become a satellite open pit mining area, just four kilometres west of the Mt Carlton mill.”

Navarre said it anticipates the results in this report will inform an updated resource estimate for MCU, which it expects to publish in March 2022.

This will likely come with an updated mineral resource and ore reserve statement for other Mt Carlton mineral deposits, including V2, A39, Telstra Hill and Crush Creek.

Reverse circulation drilling has started up again at the prospect after a short break for Christmas, with diamond drilling set to be introduced to test multiple shallow infill and extensional targets.

Navarre Minerals last traded at 8 cents on January 14.