I have featured NML before on this thread, perhaps unnoticeably as I did not subsequently record as an addition.
But despite a watered down gold equity holdings at this point, I had added NML as a very decent prospect and less speculative.
Navarre…Hot on The Trail for Victoria’s Next Major Gold Deposit
WRITTEN BY: MEAGAN EVANS
PUBLISHED: 09-07-2020
Results from Navarre Minerals' (ASX:NML) ongoing diamond drilling program at its Resolution Lode prospect on the western side of Victoria’s premier 80 million ounce gold province may be shaping up to be the next “Magdala”.
The four million ounce Magdala Gold Mine in Stawell — privately-owned by one of Navarre’s major shareholders and just located 20km north of Navarre's project — is the model Navarre is using to hone its exploration programs.
NML can’t hide its excitement that Resolution is shaping up to be similar in character to Magdala, displaying some highly encouraging geometry and a style of gold mineralisation — right as attention focuses in on the booming Victorian gold sector.
Navarre is delivering consistently strong grades of high-grade gold mineralisation from within the Stawell Gold Corridor, an extension of a corridor of rocks that host the 5Moz Stawell and 1Moz Ararat goldfields.
The company yesterday reported further significant high-grade gold assays from its ongoing expansion diamond drilling program at Resolution Lode with the aim of delivering a maiden Mineral Resource in early 2021.
The 9,000 metre diamond drilling program, that’s now 45% complete, is testing the continuity and extent of previously intersected shallow gold mineralisation.
According to managing director Geoff McDermott, the company has “cracked the code” at Resolution Lode by working out which way the gold mineralisation extends, essentially laying out the fairway for further expansion.
That expansion is anticipated to be rapid with the company reversing a decision earlier this year to slow operations amid the coronavirus pandemic. In a sharp change of direction, Navarre is now transitioning drilling towards 24 hour per day, 7 day per week operation to increase diamond drilling productivity.
Also reflecting the company’s enthusiasm is its recent appointment of former Kirkland Lake Gold Ltd. (ASX:KLA | TSX:KL | NYSE:KL) Vice President, Australian Operations, Mr Ian Holland, who was also the general manager of the Fosterville Gold Mine.
Ian was at the centre of the recent revival of the historic Victorian goldfields, developing the Fosterville Gold Mine into one of the world’s highest grade, most profitable gold mines.
Under Ian’s guidance the mine transitioned from approximately 100,000ozs of gold production in 2010 to a world-class 619,400ozs in 2019, following discovery of the high-grade Eagle and Swan orebodies.
Fosterville, located 25 kilometres from Bendigo, has ore reserves of 2.7Moz at 31 g/t gold and anticipated production of up to 610,000oz per year over the coming years, so Holland’s value to Navarre cannot be overstated.
Navarre’s Tandarra Project, a joint venture with Catalyst Metals (ASX:CYL), is another highly promising project located under shallow cover, just 60kms from the Fosterville Gold Mine. Victoria’s Geological Survey (GSV) has estimated the undiscovered gold endowment under cover to the north of Fosterville to be approximately 32Moz.
Navarre, with Catalyst, has an early mover advantage at Tandarra and just confirmed further high grade gold mineralisation at the project’s Macnaughtan prospect, the third significant mineralised gold zone at Tandarra alongside Tomorrow and Lawry.
Along with the well-recognised potential at Resolution Lode, Tandarra is a “really exciting greenfields opportunity” not far from Fosterville and a major factor in attracting Ian Holland to Navarre.
In addition to the Stawell Corridor and Tandarra gold projects, Navarre recently acquired the Jubilee Gold Project — a complementary and strategic high-grade gold exploration licence, located 25km south-west of Ballarat.
The acquisition of this highly prospective gold tenement, within close trucking distance of an operating 12 million ounce goldfield, is a significant step forward for the future of the company.
Navarre’s impressive management team has a assembled an equally impressive portfolio of gold projects with outstanding potential. Now with drilling transitioning to 24/7 operations at Resolution we expect there to be plenty of potential catalysts in the near term with 5,000m of diamond core drilling remaining to be completed over winter.
