Important Navarre gold drill campaign about to start

KIRKLAND Lake Gold-backed Navarre Minerals is to undertake a “pivotal” phase of drilling next month at its Stawell Corridor Gold project in Victoria, with diamond core drilling to test two lode discoveries as depth.
Important Navarre gold drill campaign about to start Important Navarre gold drill campaign about to start Important Navarre gold drill campaign about to start Important Navarre gold drill campaign about to start Important Navarre gold drill campaign about to start

Navarre's Langi Logan discovery in Victoria

The 5000m of diamond core drilling earmarked for the Resolution and Adventure lodes is testing below shallow footprints striking 1.6km and 1.3km respectively.

The two lodes are on the Irvine basalt dome, with Navarre having identified six other "Stawell lookalike basalt dome targets" within the 60km span of the SCG project.

One of those other domes, Langi Logan, will be tested by aircore drilling, after recently returning hits of 2m grading 19.4 grams per tonne gold and 11m at 5.1gpt.

The drilling programs will be undertaken over the 6-9 months.

"The company's strategy continues to unfold with systematic assessment of the potential for the SCG project to host several large-scale gold deposits similar in scale to the operating 4 million ounce Magdala gold mine, 20km north on-strike of Irvine," Navarre said.

Navarre has about A$6 million cash.

Resolution was discovered at the end of 2016, Adventure at the end of 2017 and Langi Logan at the end of last year.

First diamond core results may potentially be reported around the turn of the year.

Highly successful Canada-headquartered gold miner Kirkland Lake Gold holds about 10% of Navarre following the takeover in 2016 of original Navarre-backer, Newmarket.

Shares in Navarre were trading at 8.2c this week, capitalising the company at $29 million.

The stock started the year at about 6c and hit a peak of 11c in March.

A $6 million raising in April priced new shares at 7.5c each.