Navarre Minerals (ASX:NML) Hits High-Grade Gold Intercepts at Telstra Hill – The Market Herald

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  • Navarre Minerals (NML) reports broad shallow zones of high-grade gold discoveries from recent drilling at its Telstra Hill prospect in North Queensland
  • Drilling at the company’s recently acquired Mt Carlton operation was completed last year by Evolution Mining (EVN), before Navarre officially took ownership of the asset.
  • Latest assay results include five meter intersections at 10.2 grams of gold per tonne, which Navarre says further strengthens the prospectivity of the Mt Carlton project area
  • An infill and expansion drilling program with diamond coring and reverse circulation is now planned to follow up on the new “strong” intersections.
  • NML up 5.67% 10.3 cents

Navarre Minerals (NML) has returned large shallow areas of high-grade gold discoveries following recent drilling at its Telstra Hill prospect in North Queensland.

Telstra Hill is part of the company’s recently acquired Mt Carlton operation.

The latest assay results come from a 36-hole reverse circulation (RC) drill program totaling 2,335 meters completed last year by Evolution Mining (EVN), before Navarre officially took ownership of the asset.

Notable intersections included five meters grading 10.2 grams of gold per tonne in a wider interval of 13 meters at 4.4 g/t from 48 meters and eight meters at 6.4 g/t in an interval of 21 meters at three g/t from the surface.

Other notable intersections were five meters grading 8.3 g/t over 14 meters at 3.6 g/t from 40 meters and two meters at 13.8 g/t over 19 meters at 2.1 g/t from 35 meters.

Navarre said the new “strong” results further strengthen the prospectivity of the Mt Carlton project area and support its goal of increasing the mineral inventory and extending mine life.

“The company is pleased with the shallow and wide gold intercepts from RC drilling at Telstra Hill, strategically located less than a kilometer from our 950,000 tonne per year processing plant,” said Managing Director Ian Holland.

“We can also see significant potential for expanding our satellite mineral inventory, with regional drill programs set to begin in the coming months following the end of the rainy season to progressively test key targets on the lease. Mt Carlton, Crush Creek and regional prospects.”

Navarre said it is planning an infill and expansion diamond drilling program and an RC drilling program to follow up on the Telstra Hill strikes.

As drilling continues into 2022 as part of its ongoing exploration program, the company said current and historical drill data is “likely to inform” an early mineral resource estimate for Telstra Hill.

Shares of NML were trading up 5.67% at 10.3 cents at 11:03 a.m. AEDT.

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