Drilling results ‘encouraging’
Navarre Minerals Limited has continued to report ‘encouraging’ results in exploration efforts to confirm large-scale minable deposits of precious metals near Stawell and Ararat.
The company’s latest report comes after reconnaissance air-core drilling results from its Glenlyle Project.
The Glenlyle Project is 25 kilometres south-west of Ararat, under 10 to 40 metres of ‘newer volcanics’ cover and about 25 kilometres north-east of a Stavely Minerals Cayley Lode Thursday Gossan copper discovery.
Navarre managing director Geoff Mcdermott said latest drilling results had significantly expanded a mineral footprint area in the region and the Glenlyle Project.
He said the results followed two earlier phases of reconnaissance air-core drilling in 2018 and 2019, which also revealed strong silver-gold mineralisation.
“The new air-core drilling results continue to provide evidence for a large poly-metallic mineral system at Glenlyle in the emerging Stavely Arc volcanics of western Victoria,” he said.
“The mineralised footprint at Glenlyle has now been expanded to about 350 metres by 300 metres and remains open to the south and at depth.
“Given the tenor of results being generated at this early stage of exploration, the proximity to a magnetic low and IP anomaly, a favourable geological setting and proximity to an existing large copper discovery, we believe there is potential to discover a large poly-metallic mineral system at depth at Glenlyle.
“We look forward to completing the targeting of potential mineralisation under cover and to plan our next phases of drilling.”
Planning for follow-up diamond drilling at a Glenlyle Morning Bill prospect is underway.
This might occur during the next quarter of the year, subject to regional cropping activity, autumn conditions and any health and safety considerations and government restrictions arising from the COVID-19 pandemic.
Navarre Minerals will plan follow-up regional reconnaissance air-core drilling on receipt and integration of other survey data.
Air-core drilling is the initial stage of the company’s discovery plan designed to rapidly and cost-effectively identify the shallow footprint of basement gold and silver mineralisation.
From there it can deploy deeper targeted drilling programs with the aim of defining the extent of economic mineralisation.
“The mineralised footprint at Glenlyle has now been expanded to about 350 metres by 300 metres and remains open to the south and at depth” – Geoff Mcdermott