Here is a nice article about today's announcement from NML
Navarre seeing Stawell gold similarities at Langi Logan
NAVARRE Minerals has been very enthused by gold hits in maiden air core drilling at Langi Logan south of the Stawell operation in Victoria, suggesting the “width and grade of the shallow drill hits … appear to be of ‘ore grade’ and … reminiscent of the ‘sweet spots’ in Stawell’s nearby 4 million ounce Magdala gold mine”.
Gold beneath cover in Victoria being targeted by Navarre
Michael Quinn
The hits were headlined by 11m grading 5.1 grams per tonne gold from 75m and, in the same hole, 4m at 3.2gpt from 66m.
Navarre further said the "geology and mineralisation … bears strong similarities to the Central and Basalt Contact lodes mined at Magdala".
Stawell is located 40km to the north.
Navarre said more than 120,000oz of alluvial gold have historically been mined from the nearby Cathcart Central and New Langi Logan shafts, and while the source of the alluvial gold is uncertain, it occurs in close proximity to the Langi Logan basalt dome which the company "believes is an encouraging sign for a potential Stawell-style gold deposit".
Navarre has completed about half of a 4000m aircore program, with assays for 15 of the first 22 holes received.
Langi Logan is one of seven basalt dome targets contained within the company's tenement package covering a 60km strike of the prospective Stawell gold corridor.
Navarre started the current quarter with A$3.8 million cash.
Shares in Navarre were up 9% to 5c in morning trade, capitalising the company at $18 million.
GLTAH+DYOR
(20min delay)