NAVARRE Minerals, an Australian Stock Exchange listed junior exploration company based in Stawell, could be poised to find major new copper and gold deposits in the region following the granting of two new exploration licences.
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The licences are located south of Ararat and within the known gold bearing 'Stawell Corridor' which hosts the producing Stawell Gold Mine (SGM).
As well as the five million ounce Stawell Gold Mine, the Corridor hosts the historic one million ounce Ararat Goldfield, so hopes are high that the granted Tatyoon exploration licence will also yield a discovery that will add to the regions gold production success.
Tatyoon was originally discovered by geologists from Stawell Gold Mines as part of a regional program searching for Stawell look-a-like gold deposits.
With a succession of corporate takeover activity involving Stawell Gold Mines and a focus on mining operations from 2007 onwards, no further exploratory drilling was undertaken at Tatyoon and the licence slipped into expiration and off the radar.
Navarre Minerals has been able to identify rocks beneath shallow cover at Tatyoon that suggests they are similar to those found at SGM's Magdala Mine which has been operating successfully for many decades.
"These types of deposits are attractive to us because the gold mineralisation is usually finer-grained, more continuous and more predictable than gold deposits typically found at Bendigo and Ballarat," Navarre Minerals Managing Director and former Chief Geologist of SGM, Geoff McDermott said.
"Therefore it makes for simpler and more consistent gold production when in operation."
"We're excited that Tatyoon may be a Stawell look-a-like in terms of duplicating the Magdala Mine, its longevity and its success."
Mr McDermott outlined the benefits for the local communities at Stawell, Ararat and the surrounding areas should a potential gold deposit be discovered and a mine constructed.
"If we can deliver a new gold mine at Tatyoon, the ore could be trucked to Stawell for processing using the existing SGM facilities maintaining jobs in Stawell while creating new jobs at Tatyoon and Ararat.
"We could also make use of a potential Western Highway duplication," he said.
Navarre's other new exploration licence is called Glenlyle and is located 20 kilometres southwest of Ararat on the Miga Arc copper belt.
The licence adjoins the Company's existing Stavely exploration licence where porphyry copper gold deposits are being sought. With exploration by Navarre and Stavely Minerals in the area, there is now real potential for the Stawell - Ararat area to become a significant mining region, and contributing to the economic growth of the surrounding district.
Navarre Minerals is aiming to work closely with the local farming communities as it attempts to formulate plans on how to best explore for gold and copper mines.