Navarre Minerals (ASX:NML) Finds High-Grade Gold Through Diamond Drilling at Stawell Corridor, Victoria – The Market Herald

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  • Navarre Minerals (NML) finds gold at the Langi Logan prospect in its Stawell Corridor project, marking the third discovery of gold fields from the western Victoria asset
  • The gold results come from Navarre’s first diamond drill program on the prospect, with drillholes hitting mineralization between air drill intersections in the area.
  • Navarre says the results improve its understanding of the geology and mineralization at Langi Logan while improving the scale of the known mineralized gold system in the area.
  • Navarre now plans 6,000 meters of reconnaissance drilling to expand areas of known gold mineralization at Langi Logan and test new gold targets in the area
  • Navarre Minerals shares are down 2% at 9.8 cents each at 2:03 p.m. AEDT

Navarre Minerals (NML) has found high-grade gold on the Langi Logan prospect in its Stawell Corridor gold project, marking the third discovery of gold fields from the western Victoria asset.

The gold results come from Navarre’s first diamond drill program completed on the prospect, with drilling striking strong quartz-sulphide mineralization between previously reported air drill intersections in the area.

Some of the best assay results from diamond drilling include a 0.5 meter touch at 19.8 grams of gold per tonne (g/t gold) in a wider 2.4 meter zone at 5, 8 g/t gold from 131.2 meters. The company also discovered a 6.8 meter intersection at 1.1 g/t gold from 480.7 meters, which included a 0.6 meter zone at 6.9 g/t gold.

Navarre said the latest batch of drill results has improved its understanding of the geology and mineralization at Langi Logan while improving the scale of the known mineralized gold system in the area.

Managing Director Ian Holland said that although the company is still at an early stage of exploration, these new results from Langi Logan support Navarre’s view that the Stawell mineralized corridor has the potential to host several multi-million ounce gold systems.

“The latest drilling results also highlight the broader soil potential of the company’s Stawell Corridor, which covers a length of 70 kilometers including the advanced Irvine Project,” Holland said.

“Victorian Navarre exploration is supported by cash flow generated from gold production from our recently acquired Mt Carlton operation in Queensland, at a time when bullion prices are near record lows due to geopolitical tensions and interest rate concerns.”

Navarre now plans an additional 6,000 meters of reconnaissance core drilling to expand areas of known gold mineralization at Langi Logan and to test new gold targets in the area.

The company said it expects to complete this drilling program in May this year, with results to follow soon after.

Navarre Minerals shares fell 2% to 9.8 cents each at 2:03 p.m. AEDT. The company has a market capitalization of $135 million.

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