Navarre intercepts gold, silver, copper at Mt Carlton

Fri 22 Apr 22, 3:34pm (AEST)
Navarre plans to extend Mt Carlton's mine life

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Key Points

  • Company posts results of high-grade gold, silver and copper at its Mt Carlton acreage in North Queensland
  • Results discovered in 5,451 metres of drilling at 71 holes unreported so far in 2022
  • Company expects an impending resource upgrade based on drilling results

Navarre Minerals (ASX:NML) has today updated the market on its previously unannounced 2022 drilling activities that saw over 5000m drilled across 71 drillholes, with three high-impact commodities intercepted across the acreage: gold, silver, and—one of the metal of the moment—copper. 

The market is interested: Navarre’s share price has risen by a factor of 3%, looking at late afternoon trades. 

Mineralisation similar to that of existing producing deposit 

The company’s exploration works at its Mt Carlton United deposit—which the company dubs the MCU—is similar to that geology encountered by Navarre at its V2 deposit, also located at the North Queensland Mt Carlton project. 

With a view to upgrading the company’s resource estimates; Navarre expects a new publication to come out at some point in September 2022, which will also include upgrades of its resource estimates at V2, Telstra Hill and Crush Creek targets. 

Drilling toward a clearer picture 

Navarre’s Mt Carlton program so far has been designed so as to improve the definition of geology on site and also allow for greater certainty of grade continuity within the shallow inferred mineral resources already defined at Navarre’s MCU. 

The assays, Navarre hopes, will ultimately support the creation of a satellite extraction project that enhances the economics of the overall multi-targeted Mt Carlton play. 

A story of east and west 

Within the borders of the acreage comprising its MCU asset, the eastern area is dominated by a mineralisation that suggests stacked series of dipping gold, silver and copper. 

Navarre notes several of these eastern formations contain continuous high-grade gold intercepts across multiple drill holes.

The Western area of the MCU acreage, meanwhile, is showy for gold and silver—but “without substantial copper.”

Navarre posits the western region of the MCU hosts a continuous high-grade structure with steep dip characteristics containing multiple intersections of—no surprises, here—high-grade mineralisation. 

The company highlights an eye-catching 7 metres of 14.6 grams of gold per tonne 461.6 grams of silver per tonne from 29 metres in RC drill hole MCURC-154 located in the western segment of the MCU.

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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

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