- A third diamond drill rig is on-site and ready to kickstart work at Navarre Minerals’ (NML) Irvine Gold Project in Victoria
- The new rig will support exploration as part of a 2000-metre drilling program at the Adventure Lode
- The lode is located four kilometres south of the Resolution Lode, where two other rigs are working on a 12,000-metre resource definition and extension drilling program
- Notably, Navarre is fully funded with around $11.9 million in the bank
- On the market this afternoon, Navarre is up 5 per cent and trading at 21 cents per share
A third diamond drill rig is on-site and ready to kickstart work at Navarre Minerals’ (NML) Irvine Gold Project in Victoria
The new rig has already started work at the Adventure Lode, where it will undertake a 2000-metre drilling program.
The program will follow up on previous drill intercepts, most notably 4.75 metres at 3.5 g/t of gold from 206.9 metres, including 1.15 metres at 9.8g/t of gold.
The lode’s gold mineralisation is similar to the 4.5-million-ounce Magdala gold deposit, located 20 kilometres further north, where gold has been mined from the surface to 1.6 kilometres in depth.
The lode is located around four kilometres south of the Resolution Lode where two other rigs are currently drilling as part of a 12,000-metre resource definition and extension drilling program.
“We’re excited to secure our third diamond drilling rig and to be back drilling at Adventure Lode where there is significant potential to intersect further high-grade gold mineralisation,” Managing Director Ian Holland said.
“We look forward to sharing further news flow from all three diamond drill rigs at the Irvine Project over the coming weeks, as we continue to unlock the full potential of the Irvine basalt dome,” he added.
Notably, Navarre has around $11.9 million in the bank, meaning it is well funded to complete its existing drilling programs.
On the market this afternoon, Navarre is up 5 per cent and trading at 21 cents per share at 12:24 pm AEDT.