why wasn't uml in on the north bendigo action?

Navarre Minerals (NML) ASX Release
High grade gold intersected at Bendigo North Gold Project
Highlights:
? 10m @ 34.4g Au/t from 37m down-hole in ACT015, including 2m @ 161.2g Au/t
? High grade intercepts now identified over 2 km
? Host rocks and mineralisation style considered similar to the 22 million ounce Bendigo Goldfield
? Shallow depth of cover
? Recent greenfields discovery in an under-explored area with no previous mining
Navarre Minerals Limited (ASX:NML) is pleased to announce that it has received all results from the
recently completed 21 hole, 1,600 metre air-core drilling program undertaken at the West Tandarra
gold prospect which is located in its Bendigo North Project area in Victoria (Figure 1). The Company is
encouraged by the intersection of a prominent quartz reef structure and significant quartz veining in
16 of the 21 holes drilled.
The gold assay results include an outstanding gold intercept starting at 37m down-hole in ACT015
which featured a weighted average result of 10m @ 34.4 g Au/t within an assay range of 17.9g Au/t to
44.3g Au/t determined by duplicate sampling. This intercept includes a weighted average 2m @161.2g
Au/t from 37m down-hole within an assay range of 78.1g Au/t to 211.3 g Au/t as determined by
duplicate sampling. The results are interpreted to indicate the presence of coarse nuggetty gold.
Previous air-core drilling at Bendigo North intersected high grade gold mineralisation (including
TAC125 which recorded a peak assay of 1m @ 259.8g Au/t from duplicate sampling, see Table 1)
within a corridor of gold and quartz mineralisation of over 7km in strike length (Figure 1).The recently
completed air-core program targeted quartz reef mineralisation believed to be located within an
anticlinal structure similar to the earlier gold drilling. Due to the wide-spaced nature of the drill
traverses there is insufficient drill information to confirm that the gold mineralisation intersected
occurs on the same anticlinal structure. Closer-spaced infill drill traverses will be undertaken to
confirm continuity of mineralisation.


As a very long-term 10 year Bendigo Mining shareholder who originally bought in on the strength of the greater Bendigo story, I finally sold out early this year when it became apparent I had been misled. Now, a small explorer, Navarre Minerals, seems to have a promising find in the Bendigo North area. Good luck to them (NML up 125% on Friday!) but very frustrating for BDG/UML HOLDERS.