NAVARRE Minerals says there is “strong potential” for economic gold mineralisation at St Arnaud.
Results from the company’s drilling project show the first two lines of drilling have multiple intersections of gold and silver mineralisation, Navarre Minerals says.
The company drilled 80 holes across 6512m at its maiden drill program at the St Arnaud Gold Project. Navarre Minerals says it believes the St Arnaud Gold Project exhibits several similarities to the Fosterville Project. Kirkland Lake Gold started exploration activities at Fosterville Gold mine, after finding more than $1 billion in gold last year.
Navarre Minerals managing director Geoff McDermott said the drilling results from St Arnaud Gold Project were excellent.
“The drilling has provided an important insight into the geometry and structure of the gold mineralised zones that have remained hidden below Murray Basin cover,” he said.
“It’s delivered compelling new exploration targets that we intend to further assess in the coming months.”
Gold was first discovered at St Arnaud in 1855, Navarre Minerals says.
By 1860 there were 47 mines in operation, with about 400,000ozs of gold produced from the mines. After more results come in from the drilling program in St Arnaud, Navarre Minerals plan to follow-up with a drilling campaign, Mr McDermott said.
“The latest find caps off an exciting period of mineral discoveries for Navarre, including resolution and adventure lodes at the Irvine Gold Project and an interpreted epithermal gold-silver system at Glenlyle,” he said.
Navarre Minerals is an Australian-based resources company focusing on early to advanced stage gold projects in Victoria. Its other projects include the Irvine Gold Project, their Tandarra Gold Project and their Glenlyle Project. Navarre Minerals’ largest shareholders include Kirkland Lake Gold, owner of the Fosterville Mine and Stawell Gold Mine.