- Navarre Minerals (NML) strikes up to 22.7 grams of gold per tonne at the BV1 prospect within its recently-acquired Mt Carlton operation in North Queensland
- The results from drilling confirm extensive gold mineralisation at the prospect, with shallow and continuous gold and silver mineralisation intersected
- Results from the program included 22.7 metres at 22.7 grams of gold per tonne (g/t gold) and 28.5 g/t silver from 96 metres
- Navarre says the results underpin a maiden mineral resource for BV1 as part of an updated MRE and ore reserve estimate for the Mt Carlton operation, which is scheduled for reporting in Q2 FY23
- Navarre Minerals is up 25 per cent and trading at 5.5 cents at 12:35 pm AEST
Navarre Minerals (NML) has struck up to 22.7 grams of gold per tonne (g/t gold) at the BV1 prospect in North Queensland.
The company recently completed reverse circulation and diamond core drilling at the prospect, which is part of its recently-acquired Mt Carlton Operation.
Navarre said the results confirmed extensive gold mineralisation at the prospect, with shallow and continuous gold and silver mineralisation intersected. This offered “significant” potential to add to the growing satellite open-pit resource inventory at the project.
Results from the drilling included 22.7 metres at 22.7 g/t gold and 28.5 g/t silver from 96 metres, including four metres at 110 g/t gold and 120.1 g/t silver from 99.6 metres.
Navarre Managing Director Ian Holland said the first results from BV1 had clearly established the presence of a consistent zone of shallow and continuous gold and silver mineralisation that remained open at depth and along strike.
“The high-grade intercept returned in diamond hole BV1DD005 strongly supports our interpretation that mineralisation could extend at depth and along strike at BV1,” Mr Holland said.
“This intercept is about 90 metres below surface, pointing to the substantial exploration upside to expand the limits of the known mineralisation.”
Navarre said the results underpinned a maiden mineral resource for BV1 as part of an updated MRE and ore reserve estimate for the Mt Carlton operation, which is scheduled for reporting in Q2 FY23.
“We look forward to reporting updated mineral resources and ore reserve estimates early next quarter that will reflect these excellent results,” Mr Holland said.
Navarre Minerals was up 25 per cent and trading at 5.5 cents at 12:35 pm AEST.