Navarre Minerals (ASX:NML) has encountered further ‘high-grade’ gold and silver results from ongoing resource definition and exploration drilling from within the Mt Carlton Mine Lease in Queensland.
The results, generated by drilling undertaken from depth and strike extensions to the existing V2 and A39 orebodies, as well as from the satellite Mt Carlton United (MCU) deposit, have returned peak assays of up to 25g/t gold (Au), 707g/t silver (Ag), and 3.8% copper (Cu).
The company says these results demonstrate potential for further mineral inventory expansion beyond the existing resource limits, and continue to reinforce the shallow, ‘high-grade’ nature of the deposits, specifically the ‘outstanding’ prospectivity of the broader Mt Carlton project area.
“The drilling results further reinforce the potential to grow our existing mineral inventory substantially”
Adding on, Navarre reports the results support its strategic objective of growing the mineral inventory and extending mine-life.
Highlights from this round of drilling include hole MC22RC435 with 8m @ 3.8g/t Au, 17.5g/t Ag and 0.3% Cu from 87m, including 1m @ 25g/t Au, 72.5g/t Ag and 1.2% Cu from 92m (MCU); hole HC22RC1736 with 29m @ 99.3g/t Ag and 0.2g/t Au from 124m (V2-A39 silver copper zone); and hole HC22RC1819 with 6m @ 3.3g/t Au, 21.9g/t Ag, and 0.6% Cu from 102m.
Drilling comprised up to 2 reverse circulation (RC) rigs and 1 diamond core drilling rig, with the goal of expanding known limits of gold, silver, and copper mineralised systems.
Commenting on the results, Navarre Minerals Managing Director Ian Holland said: “The continued success of our drilling programs, aimed at extending the V2, MCU and A39 orebodies on the Mt Carlton mine lease, is very pleasing. The drilling results further reinforce the potential to grow our existing mineral inventory substantially and to extend mine life at Mt Carlton with additional gold, silver and copper ore.
We look forward to announcing more drill results in due course from our ongoing drilling campaign at Mt Carlton.”
The company also notes these latest results are expected to be included in the annual mineral resource and ore reserve update for the Mt Carlton operation, which is scheduled for reporting in March 2023.
In addition, it is reported drilling has confirmed a 100m strike extension to the MCU East deposit, with intercept widths over 5m intersected in multiple drillholes. This area is noted to remain open at depth and to the east.
With results from the first round of drilling now received, Navarre Minerals announces drilling at the MCU deposit is currently ongoing at the MCU deposit in support of open pit mining recently approved by the Queensland Government.
Navarre Minerals is an ASX-listed company focused on the discovery, development, and operation of large, long-life gold projects within Australia’s premier gold districts in Victoria and Queensland. The company’s Mt Carlton project represents an established gold operation located 150km south of the city of Townsville in Queensland, and has been operating continuously since 2013 producing over 700,000 ounces of gold together with copper and silver by-product credits.
Other assets included in the company’s exploration portfolio include the Tandarra and Jubilee Gold projects in Victoria.
Images: Navarre Minerals Limited