Navarre Minerals Limited’s (ASX: NML) has stepped up its exploration activities at its 100% owned Irvine Gold Project in Victoria’s rich central goldfields with the arrival of a third diamond drilling rig.
The rig has commenced drilling at Adventure Lode, approximately four kilometres south of Resolution Lode where two diamond core rigs are actively deployed on a 12,000m resource definition and extension drilling programme. Resolution Lode is also located on the eastern flank of the Irvine basalt dome.
The 2,000m drilling programme will scope the depth potential of the 1.3 km long Adventure Lode discovery. This program will follow up previously reported drill intercepts that included 4.75m @ 3.5 g/t Au from 206.9m, including 1.15m @ 9.8 g/t Au.
Managing Director, Ian Holland, said the style and geometry of the Adventure Lode’s gold mineralisation is similar to the 4.5 million ounce Magdala gold deposit on-strike 20km further north, where gold has been mined from surface to 1.6 km depth.
We’re excited to secure our third diamond drilling rig and to be back drilling at Adventure Lode where there is significant potential to intersect further high-grade gold mineralisation,” Mr Holland said.
“We look forward to sharing further news flow from all three diamond drill rigs at the Irvine Project over the coming weeks, as we continue to unlock the full potential of the Irvine basalt dome.”
Irvine is one of seven basalt dome targets within Navarre’s 100 per cent owned and extensive (70km long) tenement package on the Stawell Corridor.
Mr Holland said that with approximately $11.9 million in the bank, Navarre remains well funded to complete its drilling programmes and to move a step closer to becoming a producing gold mining company.