Experienced board background Cash in the bank approx $4 mill The 4 main projects are located in close proximity to existing infrastructure including roads, rail, water, power and a nearby workforce. Less than 40 kilometres from Northgate?s Stawell Gold Mines ore processing facility.
??Previous drill results have been outstanding with mineralisation intersected at very shallow depths. If we are able to build on that and find repetitions of this type of quartz reef, then it all looks very promising.
??If our exploration is successful by outlining an economic mineral resource, one option would be to look at negotiating an off take agreement with the Stawell Mine to process the ore.??
The area includes the historic Kingston Mine workings and most of the Landsborough goldfield. The tenement covers 260 square kilometres of the prospective Landsborough Fault.
Mr McDermott said the potential for exploration success in this area was extremely high, given the tenor of high grade gold assay results returned from previous drilling.
Area of historic gold production from both deep lead alluvial and lode quartz reef sources. Incomplete production records from the Kingston mine between 1900-03 show 3000 ounces were mined at an average grade of 7.3 grams of gold per tonne. This grade relates favourably with the published ore reserve grade at Stawell Gold Mines which averages 4.2g gold per tonne.
The mineralisation has an unusual north east trend at a point where the Landsborough Fault splits into two large parallel north west trending faults. The possibility of finding depth extensions and repetitions of this north east trending mineralisation is a compelling target.
Modest shallow gold resources have been estimated by the former tenement holder to be in the order of 16,000 ozs from 113,000 tonnes for the Kingston Mine.
At Bendigo North the company has exploration acreage of 144 square kilometers. Exploration on this tenement in 2007 returned a couple of exceptional gold grades. The company plans step out drilling in search of ?reef? and ?deep lead? style gold deposits.
Navarre also announced that exploration licence application, ELA5280, Kingston Gold Project, has been granted by the Department of Primary Industries. The company will be targeting a potential maiden mineral resource at this project, which is only 30 kilometres north-east of Stawell.
Mr McDermott said the Kingston project was one of Navarre?s key priorities, having the potential to ensure the success of the fl edgling company as well as representing a potential new ore source for the Northgate Stawell Gold Mine
NML Price at posting:
30.9¢ Sentiment: Buy Disclosure: Held
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