Navarre Minerals has struck gold during its maiden air-core drilling program as part of the Stawell Corridor Gold Project near Great Western.
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First results from the drilling program show Navarre Minerals has struck 42 grams of gold per tonne from the surface, 6 grams of gold per tonne from 66 metres and 1 gram of gold per tonne from 18 metres.
Navarre Minerals managing director Geoff McDermott described the results as outstanding and had beaten expectations.
“We put down measures of success of what we expected to see and so far these results have surpassed our expectations,” he said.
“The intersection of high-grade gold in our maiden drill program at Irvin is an extremely pleasing start to our drilling campaign.”
The drill holes went into two target areas on either side of the Irvine basalt where Navarre Minerals reported held more gold.
“Where there is basalt there is generally gold,” Mr McDermott said.
The drilling program was seeking the primary source to around one million ounces of alluvial gold production mined during the 19th century on the Ararat Goldfield.
Mr McDermott said based on historical mining evidence in the area they believed there was potential to find a gold deposit that could rival the Stawell Goldfield.
”The nature of the gold mineralisation seen so far appears typical of the style currently being mined in Stawell by our largest shareholder, Newmarket Gold Incorporated.
”We are here testing our theories and have started to scratch the surface.
“The results represent a new mineralised zone unrecognised by previous explorers and provide early confidence for further potential gold discoveries.”
The results represent a new mineralised zone unrecognised by previous explorers and provide early confidence for further potential gold discoveries.
- Geoff McDermott
Navarre Minerals was half way through its current drilling phase, which started in early November, and was expected to be completed by mid-December.
Mr McDermott said the final phase of the drilling program would involve deeper diamond drilling which would begin in February next year. The drilling campaign will serve as a comparison to the multi-million ounce Magdala gold deposit.