Hopes Raised Morning Bill Contains Major Mineralised System
Navarre Minerals Limited (ASX: NML) has identified a “compelling” gold – silver target in a recently completed three-dimensional Induced Polarisation (3DIP) geophysical survey carried out over Morning Bill, a key prospect within its wholly owned Glenlyle tenement (EL 5497) in western Victoria, Australia.
“The 3DIP survey results highlight the considerable exploration potential around Morning Bill’s best diamond core drill hole, GDD003. This hole returned many of the prospect’s best assays, including 10.1 grams per tonne gold, 216 g/t silver, 1.2% copper, 9.1% zinc and 4.8% lead.
Managing Director, Ian Holland, said Navarre interprets Morning Bill’s mineralisation as epithermal in style, situated above a larger porphyry target.
It occurs in the same regional volcanic belt that hosts the Cayley Lode copper discovery at the nearby Thursdays Gossan deposit, owned by Stavely Minerals.
Processing of recently collected 3DIP data has defined a large high-chargeability anomaly with dimensions of approximately 900m (N-S) by 600m (E-W), commencing from 500m below surface. The anomaly exhibit features consistent with a large porphyry system.
Navarre’s inaugural diamond drilling campaign at Morning Bill was completed earlier this year. Importantly, this drilling took place just adjacent to the newly defined high chargeability anomaly.
The drilling shows Morning Bill’s gold-silver system to be associated with quartz and sulphide veining with broad zones of intensive sericite-carbonate-pyrite-chlorite alteration within the Stavely volcanic host rocks.
Navarre will undertake its next phase of diamond drilling later this year when the crop harvest is completed and drilling crews can access farmers’ land. T
Mr Holland said the proposed 3,000m drilling programme will initially target the upper 500m of the chargeability anomaly, with hole extensions likely if mineralisation and alteration continue at depth towards the modelled roots of the system.
“This is an exciting result, and we have many reasons to be highly optimistic about our planned drilling at Morning Bill,” Mr Holland said.
“The modelled 3DIP data has revealed a large, high-chargeability anomaly which we believe may represent a porphyry target of approximately 900 metres long by 600 metres wide.
“Our recently completed, first ever diamond core testing of the prospect seems to have clipped the edge of this target in drill hole GDD003.
“This drill hole also recorded many of Morning Bill’s strongest precious and base metal assay results to date below a mineralised footprint of 1,100m by 400m outlined by earlier air-core drilling.
“It is exciting times ahead as we progress towards our next phase of diamond core testing at Morning Bill.”
In parallel with drilling preparations, a regional Gradient Array Induced Polarisation (GAIP) survey is nearing completion to map the broader Morning Bill prospect for additional basement targets concealed below a veneer of younger unmineralised cover of up to 30 metres thickness.
Final processed results from this survey are expected before the end of the month. The company remains well placed to fund ongoing exploration with a June-end cash balance of $14.1 million.
For further information please visit: https://www.navarre.com.au/
