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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Navarre Minerals Limited    NML   AU000000NML8

NAVARRE MINERALS LIMITED

(NML)
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Navarre Minerals : 20/12/2019 – Stawell Gold Corridor drilling demonstrates growth potential

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12/19/2019 | 06:31pm EDT

ASX Announcement (ASX:NML)

20 December 2019

STAWELL GOLD CORRIDOR DRILLING DEMONSTRATES

GROWTH POTENTIAL

  • First results received from diamond drilling and air-core drilling for two prospects within Navarre's 60km long Stawell Corridor Gold Project enhance the potential scale of mineralised systems

Irvine prospect - Resolution and Adventure lodes

  • Down-plungeextensions of gold mineralisation confirmed at each of the Resolution and Adventure lodes, with first 3 deeper diamond holes confirming gold mineralisation continues to at least 300m depth, and remain open
  • Highlight intersections include:
    • 4.75m @ 3.5 g/t Au from 206.9m downhole, including 1.15m @ 9.8g/t Au in AD001
    • 4.6m @ 3.5 g/t Au from 327.3m downhole in AD002
  • Drilling to date confirms the mineralised quartz-sulphide structures occur in geometries similar to the gold shoot patterns of the on-strike4Moz Magdala Gold Mine
  • Shallow air-core drilling at the northern end of Resolution Lode provides evidence of a potential new gold shoot which will now be assessed with diamond drilling. A best result of 9m @ 2.1 g/t Au from 6m was returned.

Langi Logan prospect

  • First results from an ongoing 10,000m air-core drilling program testing multiple priority targets on the prospective margins of the Langi Logan basalt dome have been received
  • A highlight intersection of 1m @ 21.2 g/t Auconfirms shallow high-grade gold mineralisation over a strike length of 650m at Target A for follow-up diamond drill testing. This zone includes previously reported intercepts1:
    • 11m @ 5.1 g/t Au from within a broader interval of 33m @ 2.9 g/t Au in LLA014
    • 2m @ 19.4 g/t Au, including 1m @ 33.6g/t Au in LLA031
  • 5 drill rigs now active across Navarre's Victorian gold and base metals properties as part of a
    50,000m drilling campaign, providing strong news flow in 2020

1 See ASX announcements dated 30 January 2019 and 12 February 2019 for details. The Company confirms it is not aware of any new information or data that materially affects the information included in these market announcements.

Navarre Minerals Limited | ABN 66 125 140 105 | ASX: NML

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t +61 3 5358 8625

e info@navarre.com.au | w navarre.com.au

N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n t

P a g e | 2

Navarre Minerals Limited (ASX: NML) (Navarre or the Company) is pleased to provide an update on the progress of its drilling activities for its Stawell Corridor Gold Project (Figure 1), where Navarre has recently re-commenced drilling, initially focused on testing depth extensions at the shallow Irvine gold discovery as well as testing priority targets identified at the Langi Logan prospect.

Stawell Gold Corridor Background

The Company is searching for large gold deposits in an extension of a corridor of rocks that host the 5Moz Stawell and 1Moz Ararat goldfields - "The Stawell Gold Corridor" (Figure 1). A key feature of major gold deposits along the Stawell Gold Corridor is that they are hosted in meta-sediments on the margins of Cambrian basalt domes. The 4Moz Magdala gold deposit at Stawell is the best example of this style of mineralisation.

Navarre has identified seven basalt dome structures within the Company's 60km long tenement package to date. The regional potential of the Stawell Gold Corridor is considered significant by the Company as demonstrated by Navarre's discoveries at the Irvine and Langi Logan prospects where gold is proximal to large basalt dome structures.

The Company commenced a 16,000m drilling campaign in mid-October 2019 comprising:

  • 6,000m of diamond drilling targeting depth extensions to shallow gold mineralisation at Resolution and Adventure lodes on the Irvine basalt dome (Figures 3 & 4); and
  • 10,000m of air-core (AC) drilling to test multiple targets on the margins of the Langi Logan basalt dome and to expand the strike length of the gold mineralisation north of Resolution Lode.

Irvine Basalt Dome

The Irvine basalt dome is Navarre's most advanced prospect. Previous drilling has confirmed extensive shallow gold footprints at the Resolution and Adventure lodes with a combined strike length of 2.9km along the eastern contact of the Irvine basalt dome (Figure 2). Navarre is now testing the depth extents of the gold shoots at both lodes down to approximately 300m below surface through a 6,000m diamond drilling program.

Two diamond drill rigs have been operating since mid-October 2019: one at Adventure Lode and, the other, at Resolution Lode. During this time, a 1,000m air-core (AC) drilling program to expand the known mineralised strike of the Resolution Lode has also been completed.

Figure 1: Location of Navarre's gold and copper mineral properties

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t +61 3 5358 8625

e info@navarre.com.au | w navarre.com.au

N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n t

P a g e | 3

Adventure Lode

Results for three of five diamond holes completed at Adventure Lode have been received.

Significant intersections include (See Table 2 and Figure 3):

  • 4.75m @ 3.5g/t Au from 206.9m downhole, including 1.15m @ 9.8g/t Au in AD001
  • 4.6m @ 3.5 g/t Au from 327.3m downhole in AD002

All five diamond holes targeted the interpreted down plunge positions of four identified gold shoots (Figure 3).

The results to date indicate:

  1. the mineralised quartz-sulphide structures intersected previously in shallow drilling extend to depth where tested and occur in geometrical patterns similar to the gold shoots of the on-strike 4Moz Magdala Gold Mine;
  2. drill hole, AD002 provides evidence of a new gold shoot (Shoot 4) located at depth below Shoot 2; and
  3. initial geological interpretation indicates the location of the gold shoots may be controlled, in part, by a subtle flattening of dip in the orientation of the eastern flank of the Irvine basalt dome. Where this contact steepens (eg., AD003), the structure tends to weaken.

Results for drill holes AD004 and AD005, testing the down-plunge continuation of Shoot 3, are yet to be received. Both holes appear to have intersected the eastern flank of the Irvine basalt dome where the basalt contact is steep and the mineralised structure is not as strongly developed as seen in AD001 and AD002.

Resolution Lode

Results received for a 24 hole - 1,033 metre shallow AC drilling program testing the northern end of Resolution Lode has provided evidence of a potential new gold shoot (North Shoot on Figure 4).

A best result of 9m @ 2.1 g/t Au from 6m was returned (See Table 1 and Figure 4). Several other holes intersected broad intervals of lower-gradegold-bearing quartz stockwork mineralisation associated with several interbedded basalt flows. This new mineralised position will be tested with deeper diamond drilling during the first quarter of 2020.

Diamond drilling at Resolution Lode commenced at the South Shoot where visible gold was previously intersected in drill holes RD006 and RD013 (See Figure 4). Unlike Adventure Lode, drill progress has been slower than anticipated due to the presence of a broad shear zone on the hangingwall side of the lode structure.

One diamond hole, RD15, has been completed and has intersected a zone of quartz-sulphide mineralisation containing a few specks of visible gold. This hole has been geologically logged and submitted for assay. Drill hole RD016 is currently in progress (Figure 4).

This first round of deeper expansion drilling at Adventure and Resolution lodes is expected to be completed during the first quarter of 2020, with results to be reported over the coming months as they become available.

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t +61 3 5358 8625

e info@navarre.com.au | w navarre.com.au

N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n t

P a g e | 4

Figure 2: Location of Resolution and Adventure lodes relative to alluvial gold workings of the historical 1Moz Ararat Goldfield

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t +61 3 5358 8625

e info@navarre.com.au | w navarre.com.au

N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n t

P a g e | 5

Figure 3: Longitudinal Projection of Adventure Lode showing location of recently completed diamond drilling.

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t +61 3 5358 8625

e info@navarre.com.au | w navarre.com.au

N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n t

P a g e | 6

Figure 4: Longitudinal Projection of Resolution Lode showing location of new gold shoot and planned diamond drilling.

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t +61 3 5358 8625

e info@navarre.com.au | w navarre.com.au

N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n t

P a g e | 7

Langi Logan Basalt Dome

The Langi Logan basalt dome is the next major prospect for Magdala style mineralisation south of the Irvine basalt dome within the Stawell Corridor Gold Project (Figures 1 & 5). It consists of the Langi Logan North, Langi Logan Central and the Langi Logan South Cambrian basalt domes with a combined 12km strike length and occurs in an area of significant historical Deep Lead production (133,000oz of gold recorded). The project area is covered by post-mineralisation Tertiary Basalt ranging from 2m to 30m in thickness.

Figure 5: Gravity image showing recent AC drill results (reported previously) and geological interpretation.

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t +61 3 5358 8625

e info@navarre.com.au | w navarre.com.au

N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n t

P a g e | 8

A 10,000m AC drilling program commenced in November 2019 to test targets A-H (Figure 5). The objectives of the program include:

  • follow up significant results at Langi Logan North which include peak eastern contact intercepts of 33m @ 2.9 g/t Au including 11m @ 5.1 g/t Au and 2m @ 19.4 g/t Au including 1m @ 33.6 g/t Au1. Drilling at Langi Logan North will expand to test interpreted 'waterloos' (sediment between basalt lobes) and the western basalt contact;
  • follow up of anomalous barium, gold, silver (up to 23.8 g/t) and copper (up to 1.1%)1 results to further investigate the possibility of volcanic massive sulphide (VMS) to the south of Langi Logan North; and
  • testing of the margins of the central and southern areas of the Langi Logan basalt dome with wide (800m) spaced drill traverses. This drilling will re-commence in January 2020.

Assay results for 42 AC holes in 3,283m of drilling have been received to date.

Significant gold intersections include (see Table 1 and Figure 5):

  • 1m @ 21.2 g/t Au from 32m downhole (IAC120) - Target A
  • 2m @ 0.9 g/t Au from 40m downhole (IAC121) - Target A
  • 4m @ 1.0 g/t Au from 21m downhole (IAC119) - Alluvial Gravels near Target D

A highlight intersection of 1m @ 21.2 g/t Au on the basalt contact on Target A confirms shallow high-grade gold mineralisation over a strike length of 650m. Target A previously reported intercepts include (see NML ASX release of 30 January 2019 & 12 February 20191):

  • 11m @ 5.1 g/t Au from within a broader interval of 33m @ 2.9 g/t Au in LLA014
  • 2m @ 19.4 g/t Au, including 1m @ 33.6g/t Au in LLA031

The Company intends to follow-up Target A with diamond drill testing in early 2020.

The latest results also include an anomalous broad 23m interval of gold, silver, and copper on the western flank (Target D) of the Langi Logan North basalt dome in AC drill hole IAC110. This intersection includes:

  • 23m @ 9.5 g/t Ag from 31m downhole, including 3m @ 52 g/t Ag from 32m
  • 6m @ 0.15% Cu from 46m
  • 1m @ 1.0 g/t Au from 32m

Target D is hosted in black shales and is associated with a strong, previously untested chargeability feature of approximately 500m in strike length. The AC hole ended in mineralisation and remains open at depth and along strike. Further shallow AC drilling is warranted to follow-up this intersection.

The Langi Logan prospect is at an early stage of exploration and is already showing good potential to be a new gold system similar to the Magdala gold deposit at Stawell.

With five drill rigs active across Navarre's Victorian gold and base metals properties as part of a 50,000m drilling campaign, the Company expects to deliver strong news flow in 2020.

- ENDS -

1See ASX announcements dated 30 January 2019, 12 February 2019 and 17 April 2019 for details. The Company confirms it is not aware of any new information or data that materially affects the information included in these market announcements.

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t +61 3 5358 8625

e info@navarre.com.au | w navarre.com.au

N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n tP a g e | 9

Table 1. Significant AC Drill Results (>0.2g/t Au)

Prospect

Hole

From

To (m)

Interval

Au

Intercept

Including

Target/

ID

(m)

Structure

Resolution Lode

IAC452

6

15

9

2.1

9m @ 2.1g/t Au from 6m

includes 2m @

Main

4.6g/t Au

Resolution Lode

IAC452

44

45

1

0.7

1m @ 0.7g/t Au from 44m

HW

includes 2m @

Resolution Lode

IAC453

28

38

10

0.8

10m @ 0.8g/t Au from 28m

1.6g/t Au from

Main

29m

Resolution Lode

IAC454

18

27

9

0.4

9m @ 0.4g/t Au from 18m

Main

Resolution Lode

IAC455

3

24

21

0.4

21m @ 0.4g/t Au from 3m

Main

Resolution Lode

IAC456

9

28

19

0.3

19m @ 0.3g/t Au from 9m

Main

Resolution Lode

IAC457

4

28

24

0.2

24m @ 0.2g/t Au from 4m

Main

Resolution Lode

IAC461

0

31

31

0.2

31m @ 0.2g/t Au from 0m

Main

Resolution Lode

IAC462

0

17

17

0.5

17m @ 0.5g/t Au from 0m

Main

Resolution Lode

IAC463

17

30

13

0.5

13m @ 0.5g/t Au from 13m

Main

Resolution Lode

IAC464

39

40

1

0.7

1m @ 0.7g/t Au from 39m

Main

Langi Logan

LLA094

32

42

10

0.3

10m @ 0.3g/t Au from 32m

C

includes 1m @

Langi Logan

LLA097

29

34

5

0.3

5m @ 0.3g/t Au from 29m

0.7g/t Au from

C

31m

includes 1m @

Langi Logan

LLA103

52

54

2

0.4

2m @ 0.4g/t Au from 52m

0.7g/t Au from

C

53m

Langi Logan

LLA105

29

31

2

0.4

2m @ 0.4g/t Au from 29m

C

includes 3m @

52g/t Ag from

Langi Logan

LLA110

31

54

23

23m @ 9.5g/t Ag from 31m

32m, 6m @ 0.15%

D

Cu from 46m, and

1m @ 1g/t Au

from 32m

includes 1m @

Langi Logan

LLA112

44

57

13

0.2

13m @ 0.2g/t Au from 44m

1.1g/t Au from

D

45m

Langi Logan

LLA119

21

25

4

1

4m @ 1g/t Au from 21m

D

Langi Logan

LLA120

32

33

1

21.2

1m @ 21.2g/t Au from 32m

A

includes 1m @

Langi Logan

LLA121

40

42

2

0.9

2m @ 0.9g/t Au from 40m

1.2g/t Au from

A

41m

Table 2. Significant Diamond Drill Results (>0.2g/t Au)

Prospect

Hole ID

From

To (m)

Interval

Au

Intercept

Including

Target/

(m)

Structure

Adventure Lode

AD001

206.9

211.65

4.75

3.5

4.75m @ 3.5g/t Au from

includes 1.15m @

Main

206.9m

9.8g/t Au

Adventure Lode

AD002

307.15

307.9

0.75

1.3

0.75m @ 1.3g/t Au from

Main

307.15m

Adventure Lode

AD002

327.3

331.9

4.6

3.5

4.6m @ 3.5g/t Au from

FW

327.3m

Adventure Lode

AD003

261.85

262.2

0.35

1.74

0.35m @ 1.74g/t Au from

Main

261.85m

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t +61 3 5358 8625

e info@navarre.com.au | w navarre.com.au

N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n tP a g e | 10

Table 3. AC Drill Hole Collar Locations

Prospect

Hole ID

Easting

Northing

mRL

Depth

Dip

Azimuth

(MGA)

(MGA)

(MGA)

Resolution Lode

IAC452

665155

5883133

296

60

-60

70.7

Resolution Lode

IAC453

665128

5883120

296

60

-60

70.7

Resolution Lode

IAC454

665106

5883116

296

56

-60

70.7

Resolution Lode

IAC455

665147

5882979

281

33

-60

96.7

Resolution Lode

IAC456

665162

5882977

282

31

-60

96.7

Resolution Lode

IAC457

665178

5882974

282

34

-60

96.7

Resolution Lode

IAC458

665194

5882973

281

34

-60

96.7

Resolution Lode

IAC459

665207

5882968

280

36

-60

96.7

Resolution Lode

IAC460

665198

5882900

281

30

-60

80.7

Resolution Lode

IAC461

665143

5882888

283

51.5

-60

80.7

Resolution Lode

IAC462

665164

5882893

282

43

-60

80.7

Resolution Lode

IAC463

665184

5882894

281

43

-60

80.7

Resolution Lode

IAC464

665177

5882796

277

45

-60

100.7

Resolution Lode

IAC465

665195

5882793

277

38

-60

100.7

Resolution Lode

IAC466

665214

5882795

277

30

-60

100.7

Resolution Lode

IAC467

665229

5882787

276

26

-60

100.7

Resolution Lode

IAC468

665243

5882786

276

25

-60

100.7

Resolution Lode

IAC469

665248

5882614

275

33

-60

80.7

Resolution Lode

IAC470

665252

5882623

275

28.5

-60

80.7

Resolution Lode

IAC471

665254

5882621

275

40

-60

260.7

Langi Logan

LLA088

670606

5864351

279

74

-60

90.7

Langi Logan

LLA089

670731

5864357

282

87

-60

270.7

Langi Logan

LLA090

670797

5864356

283

99

-60

90.7

Langi Logan

LLA091

670975

5864349

287

66

-60

90.7

Langi Logan

LLA092

671006

5864348

287

123

-60

90.7

Langi Logan

LLA093

671066

5864351

288

102

-60

90.7

Langi Logan

LLA094

670803

5864460

282

117

-60

90.7

Langi Logan

LLA095

670854

5864458

283

62

-60

90.7

Langi Logan

LLA096

670702

5864457

279

82

-60

90.7

Langi Logan

LLA097

670751

5864457

280

93

-60

90.7

Langi Logan

LLA098

671200

5864346

289

114

-60

90.7

Langi Logan

LLA099

671149

5864346

289

93

-60

90.7

Langi Logan

LLA100

671116

5864347

289

99

-60

90.7

Langi Logan

LLA101

670885

5864456

284

60

-60

90.7

Langi Logan

LLA102

670778

5864460

281

75

-60

270.7

Langi Logan

LLA103

670851

5864576

281

75

-60

90.7

Langi Logan

LLA104

670753

5864577

278

105

-60

90.7

Langi Logan

LLA105

670792

5864575

278

99

-60

90.7

Langi Logan

LLA106

670825

5864575

280

111

-60

90.7

Langi Logan

LLA107

670360

5865458

281

37

-60

100.7

Langi Logan

LLA108

670321

5865465

282

55

-60

100.7

Langi Logan

LLA109

670243

5865479

284

54.5

-60

100.7

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t +61 3 5358 8625

e info@navarre.com.au | w navarre.com.au

N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n t

P a g e | 11

Langi Logan

LLA110

670093

5865039

297

54

-60

74.7

Langi Logan

LLA111

670163

5865033

290

78

-60

74.7

Langi Logan

LLA112

670340

5864856

277

99

-60

51.7

Langi Logan

LLA113

670361

5864873

277

69

-60

51.7

Langi Logan

LLA114

670391

5864781

277

84

-60

60.7

Langi Logan

LLA115

670422

5864798

277

99

-60

60.7

Langi Logan

LLA116

670522

5864990

277

38

-60

51.7

Langi Logan

LLA117

670539

5865004

277

36

-60

51.7

Langi Logan

LLA118

670549

5865013

277

30

-60

51.7

Langi Logan

LLA119

670788

5865066

278

57

-60

54.7

Langi Logan

LLA120

670906

5865155

278

74

-60

54.7

Langi Logan

LLA121

670870

5865255

278

60

-60

54.7

Langi Logan

LLA122

670887

5865145

278

80

-60

54.7

Langi Logan

LLA123

670824

5865099

278

51

-60

54.7

Langi Logan

LLA124

670805

5865082

278

60

-60

53.7

Langi Logan

LLA125

670918

5865176

278

78

-60

53.7

Langi Logan

LLA126

670886

5865266

278

60

-60

53.7

Langi Logan

LLA127

671241

5864348

290

96

-60

90.7

Langi Logan

LLA128

671289

5864660

288

105

-60

70.7

Langi Logan

LLA129

671785

5863589

289

93

-60

99.7

Table 4. Diamond Drill Hole Collar Locations

Prospect

Hole ID

Easting

Northing

mRL

Depth

Dip

Azimuth

(MGA)

(MGA)

(MGA)

Adventure Lode

AD001

667070

5877970

329.742

259.9

-60

72

Adventure Lode

AD002

666800

5878270

332

365.2

-65

70

Adventure Lode

AD003

667060

5877975

329

273

-58

32

For further information, please visit www.navarre.com.auor contact:

Geoff McDermott

Managing Director

Navarre Minerals

  1. info@navarre.com.au
  1. +61 (0)3 5358 8625

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t +61 3 5358 8625

e info@navarre.com.au | w navarre.com.au

N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n t

P a g e | 12

Competent Person Declaration

The information in this release that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Shane Mele, who is a Member of The Australasian Institute of Mining and Metallurgy and who is Exploration Manager of Navarre Minerals Limited. Mr Mele has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Mele consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.

Forward-Looking Statements

This announcement contains "forward-looking statements" within the meaning of securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "believe", "continue", "objectives", "outlook", "guidance" or other similar words, and include statements regarding certain plans, strategies and objectives of management and expected financial performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Navarre and any of its officers, employees, agents or associates. Actual results, performance or achievements may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Exploration potential is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Readers are cautioned not to place undue reliance on forward-looking statements and Navarre assumes no obligation to update such information.

About Navarre Minerals Limited:

Navarre Minerals Limited (ASX: NML) is an Australian-based resources company that is creating value from a portfolio of early to advanced stage gold projects in Victoria, Australia (Figure 6).

Navarre is searching for gold deposits in an extension of a corridor of rocks that host the Stawell (~five million ounce) and Ararat (~one million ounce) goldfields (The Stawell Corridor Gold Project). The discovery of outcropping gold on the margins of the Irvine basalt dome and high-grade gold in shallow drilling at Langi Logan are a prime focus for the Company. These projects are located 20km and 40km respectively south of the operating 4Moz Stawell Gold Mine.

The high-gradeTandarra Gold Project is located 50km northwest of Kirkland Lake Gold's world-class Fosterville Gold Mine, and 40km north of the 22 million-ounce Bendigo Goldfield. Exploration at Tandarra, in Joint Venture with Catalyst Metals Limited (NML 49%), is targeting the next generation of gold deposits under shallow cover in the region.

The Company is searching for a high-grade gold at its St Arnaud Gold Project. Recent reconnaissance drilling has identified gold mineralisation under shallow cover, up to 5km north from the nearest historical mine workings, which the Company believes may be an extension of the 0.4Moz St Arnaud Goldfield.

The Company is also targeting large volcanic massive sulphide, epithermal and porphyry copper-gold deposits in the Stavely Arc volcanics within its Western Victoria Copper Project. The Project area captures multiple polymetallic targets in three project areas including Glenlyle, Eclipse and Lexington. All properties are currently 100% owned. EL5425 is subject to a JV agreement where Stavely Minerals Limited may earn an 80% interest by spending $0.45M over 5 years.

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t +61 3 5358 8625

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N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n t

P a g e | 13

Figure 6: Location of Navarre's Victorian mineral properties

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t +61 3 5358 8625

e info@navarre.com.au | w navarre.com.au

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JORC Code, 2012 Edition - Table 1

Section 1 Sampling Techniques and Data

Criteria

JORC Code explanation

Commentary

Sampling

Nature and quality of sampling (e.g. cut

Air Core Drilling

techniques

channels, random chips, or specific specialised

All air-core (AC) drill holes have been routinely sampled at

industry standard measurement tools

1m intervals downhole directly from a rig mounted

appropriate to the minerals under investigation,

cyclone. Each metre is collected and placed on a plastic

such as down hole gamma sondes, or handheld

sheet on the ground and preserved for assay sub-sampling

XRF instruments, etc). These examples should not

analysis as required.

be taken as limiting the broad meaning of

Samples for assaying were generated from the 1m

sampling.

preserved samples and were prepared at the drill site by a

Include reference to measures taken to ensure

grab sampling method based on logged geology and

sample representivity and the appropriate

mineralisation intervals. Samples were taken at 1m

calibration of any measurement tools or systems

intervals or as composites ranging from 2-5m intervals

used.

ensuring a sample weight of between 2 to 3 kg per sub-

Aspects of the determination of mineralisation

sample.

that are Material to the Public Report.

The sample size is deemed appropriate for the expected

In cases where 'industry standard' work has been

grain size of the material being sampled.

done this would be relatively simple (e.g. 'reverse

Certified reference material and sample duplicates were

circulation drilling was used to obtain 1 m

inserted at regular intervals with laboratory sample

samples from which 3 kg was pulverised to

submissions.

produce a 30g charge for fire assay'). In other

cases, more explanation may be required, such

Diamond Core Drilling

as where there is coarse gold that has inherent

The diamond drill core samples were selected on

sampling problems. Unusual commodities or

geological intervals varying from 0.2m to 1.6m in length.

mineralisation types (e.g. submarine nodules)

All drill core was routinely cut in half (usually on the right

may warrant disclosure of detailed information.

of the marked orientation line) with a diamond saw and

submitted for analysis.

Sample representivity was ensured by a combination of

Company Procedures regarding quality control (QC) and

quality assurance/ Testing (QA). Certified standards and

blanks were routinely inserted into assay batches.

Drilling

Drill type (e.g. core, reverse circulation, open-

Air Core Drilling

techniques

hole hammer, rotary air blast, auger, Bangka,

AC drilling was carried out using a Wallis Mantis 80 Air-

sonic, etc) and details (e.g. core diameter, triple

core rig mounted on a Landcruiser base. The AC rig used a

or standard tube, depth of diamond tails, face-

3.5" blade bit to refusal, generally just below the fresh

sampling bit or other type, whether core is

rock interface.

oriented and if so, by what method, etc).

Diamond Core Drilling

Pre-collars were drilled to solid bedrock using a HWT

(114.3mm) drill bit followed by diamond coring with a

diameter of 63.5mm (HQ).

Diamond drilling of HQ3 (triple-tube) was undertaken to

ensure maximum core recovery.

All drill core was orientated with a Reflex ACT III core

orientation tool then continuously marked with a line

while on an angle iron cradle.

Drill sample

Method of recording and assessing core and chip

Air Core Drilling

recovery

sample recoveries and results assessed.

AC drill recoveries were visually estimated as a semi-

Measures taken to maximise sample recovery

quantitative range and recorded in the log.

and ensure representative nature of the samples.

Recoveries were generally high (>90%), with reduced

Whether a relationship exists between sample

recovery in the initial near-surface sample.

recovery and grade and whether sample bias

Samples were generally dry, but many became wet at the

may have occurred due to preferential loss/gain

point of refusal in hard ground below the water table.

of fine/coarse material.

No sampling issue, recovery issue or bias was picked up

and is considered that both sample recovery and quality is

adequate for the drilling technique employed.

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t +61 3 5358 8625

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P a g e | 15

Criteria

JORC Code explanation

Commentary

Diamond Core Drilling

All diamond core was logged capturing any core loss, if

present, and recorded in the database.

All drill depths are checked against the depth provided on

the core blocks and rod counts are routinely carried out by

the driller.

Core recovery for the areas sampled was good.

Logging

Whether core and chip samples have been

Geological logging of samples followed Company and

geologically and geotechnically logged to a level

industry common practice. Qualitative logging of samples

of detail to support appropriate Mineral

included (but was not limited to); lithology, mineralogy,

Resource estimation, mining studies and

alteration, veining and weathering.

metallurgical studies.

All logging is quantitative, based on visual field estimates.

Whether logging is qualitative or quantitative in

For AC drilling, a small representative sample was retained

nature. Core (or costean, channel, etc)

in a plastic chip tray for future reference and logging

photography.

checks. Detailed chip logging, with digital capture, was

The total length and percentage of the relevant

conducted for 100% of chips logged by Navarre's

intersections logged.

geological team.

Detailed diamond core logging, with digital capture, was

conducted for 100% of the core by Navarre's geological

team.

Sub-sampling

If core, whether cut or sawn and whether

Company procedures were followed to ensure sub-

techniques

quarter, half or all core taken.

sampling adequacy and consistency. These included (but

and sample

If non-core, whether riffled, tube sampled, rotary

were not limited to), daily workplace inspections of

preparation

split, etc and whether sampled wet or dry.

sampling equipment and practices.

For all sample types, the nature, quality and

Blanks and certified reference materials are submitted

appropriateness of the sample preparation

with the samples to the laboratory as part of the quality

technique.

control procedures.

Quality control procedures adopted for all sub-

sampling stages to maximise representivity of

Air Core Drilling

samples.

AC composite, 1m individual and EOH samples were

Measures taken to ensure that the sampling is

collected as grab samples. Where composite samples

representative of the in-situ material collected,

return anomalous gold results >~0.5g/t Au re-sampling at

including for instance results for field

1m intervals may occur at a later date from time to time.

duplicate/second-half sampling.

Samples were recorded as dry, damp or wet.

Whether sample sizes are appropriate to the

Drill sample preparation and base metal and precious

grain size of the material being sampled.

metal analysis is undertaken by a registered laboratory

(ALS Adelaide, SA). Sample preparation by dry

pulverisation to 85% passing 75 microns.

The sample sizes are considered appropriate to correctly

give an accurate indication of mineralisation given the

qualitative nature of the technique and the style of gold

mineralisation sought.

Diamond Core Drilling

Detailed diamond core logging, with digital capture, was

conducted for 100% of the core by Navarre's geological

team.

Half core was sampled from NQ and HQ diameter drill

core.

Company procedures were followed to ensure sub-

sampling adequacy and consistency. These included (but

were not limited to), daily workplace inspections of

sampling equipment and practices.

Blanks and certified reference materials are submitted

with the samples to the laboratory as part of the quality

control procedures.

No second-half sampling has been conducted at this stage.

The sample sizes are appropriate to correctly represent

the sought after mineralisation.

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t +61 3 5358 8625

e info@navarre.com.au | w navarre.com.au

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P a g e | 16

Criteria

JORC Code explanation

Commentary

Quality of

The nature, quality and appropriateness of the

Analysis for gold is undertaken at ALS Perth, WA by 50g

assay data

assaying and laboratory procedures used and

Fire Assay with an AAS finish to a lower detection limit of

and

whether the technique is considered partial or

0.01ppm Au using ALS technique Au-AA26.

laboratory

total.

Bulk-leach analysis for gold is also undertaken by ALS

tests

For geophysical tools, spectrometers, handheld

Perth, WA on selected samples with >0.2ppm Au from Au-

XRF instruments, etc, the parameters used in

AA26 method. The bulk leach method utilises a ~2kg

determining the analysis including instrument

sample using ALS technique Au-AA15. Navarre selectively

make and model, reading times, calibrations

does this to check for the effects of nuggety gold

factors applied and their derivation, etc.

particularly in know regions containing this effect.

Nature of quality control procedures adopted

ALS also conducted a 35 element Aqua Regia ICP-AES

(e.g. standards, blanks, duplicates, external

(method: ME-ICP41) analysis on each sample to assist

laboratory checks) and whether acceptable levels

interpretation of pathfinder elements.

of accuracy (i.e. lack of bias) and precision have

No field non-assay analysis instruments were used in the

been established.

analyses reported.

A review of certified reference material and sample blanks

inserted by the Company indicate no significant analytical

bias or preparation errors in the reported analyses

Internal laboratory QAQC checks are reported by the

laboratory and a review of the QAQC reports suggests the

laboratory is performing within acceptable limits.

Verification of

The verification of significant intersections by

Samples are verified by database consultants (Geobase)

sampling and

either independent or alternative company

and Navarre geologists before importing into the drill hole

assaying

personnel.

database.

The use of twinned holes.

No twin holes have been drilled by Navarre during this

Documentation of primary data, data entry

program.

procedures, data verification, data storage

Primary data was collected for drill holes using a Geobase

(physical and electronic) protocols.

logging template on a Panasonic Toughbook laptop using

Discuss any adjustment to assay data.

lookup codes. The information was sent to a database

consultant for validation and compilation into a SQL

database.

Reported drill results were compiled by the Company's

geologists and verified by the Exploration Manager and

Managing Director.

No adjustments to assay data were made.

Location of

Accuracy and quality of surveys used to locate

All maps and locations are in UTM Grid (GDA94 zone 54).

data points

drill holes (collar and down-hole surveys),

All drill collars are initially measured by hand-held GPS

trenches, mine workings and other locations used

with an accuracy of +3 metres. On completion of program,

in Mineral Resource estimation.

a contract surveyor picks-up collar positions utilising a

Specification of the grid system used.

differential GPS system to an accuracy of +0.02m.

Quality and adequacy of topographic control.

A topographic control is achieved via use of DTM

developed from a 2005 ground gravity survey measuring

relative height using radar techniques.

Air Core Drilling

Down-hole surveys have not been undertaken

Diamond Core Drilling

Down-hole surveys were taken every 30m on the way

down to verify correct orientation and dip then multi-

shots taken every 6m on the way out of the drill hole.

Data spacing

Data spacing for reporting of Exploration Results.

Variable drill hole spacings are used to test targets and are

and

Whether the data spacing and distribution is

determined from geochemical, geophysical and geological

distribution

sufficient to establish the degree of geological

data together with historic mining information.

and grade continuity appropriate for the Mineral

Drilling reported in this program is of an early exploration

Resource and Ore Reserve estimation

nature and has not been used to estimate any mineral

procedure(s) and classifications applied.

resource or ore reserves.

Whether sample compositing has been applied.

Refer to sampling techniques, above for sample

compositing

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t +61 3 5358 8625

e info@navarre.com.au | w navarre.com.au

N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n t

P a g e | 17

Criteria

JORC Code explanation

Commentary

Orientation of

Whether the orientation of sampling achieves

Exploration is at an early stage and, as such, knowledge on

data in

unbiased sampling of possible structures and the

exact location of mineralisation, in relation to lithological

relation to

extent to which this is known, considering the

and structural boundaries, is not accurately known.

geological

deposit type.

The drill orientation is attempting to drill perpendicular to

structure

If the relationship between the drilling

the geology and mineralised trends previously identified

orientation and the orientation of key

from earlier drilling. Due to the early stage of exploration

mineralised structures is considered to have

it is unknown if the drill orientation has introduced any

introduced a sampling bias, this should be

sampling bias. This will become more apparent as further

assessed and reported if material.

drilling is completed.

Sample

The measures taken to ensure sample security.

Chain of custody is managed by internal staff. Drill samples

security

are stored on site and transported by a licenced reputable

transport company to a registered laboratory in Orange,

NSW (ALS Laboratories). At the laboratory samples are

stored in a locked yard before being processed and

tracked through preparation and analysis.

Audits or

The results of any audits or reviews of sampling

There has been no external audit or review of the

reviews

techniques and data.

Company's sampling techniques or data at this stage.

Section 2 Reporting of Exploration Results

Criteria

JORC Code explanation

Commentary

Mineral

Type, reference name/number, location and

The Langi Logan Gold Project and the Irvine Gold Project

tenement and

ownership including agreements or material

are located within Navarre's 100% owned "Stawell

land tenure

issues with third parties such as joint ventures,

Corridor Gold Project" comprising granted exploration

status

partnerships, overriding royalties, native title

licence ELs 5476, 5480, 6525, 5626, 6527, 6528, 6702 &

interests, historical sites, wilderness or national

6745.

park and environmental settings.

The tenements are current and in good standing.

The security of the tenure held at the time of

The project area occurs on a combination of freehold and

reporting along with any known impediments to

crown land.

obtaining a licence to operate in the area.

Crown land, subject to possible Native Title, is under

separate exploration licence applications currently being

considered by Earth Resources Regulation, Victorian

Government.

Exploration

Acknowledgment and appraisal of exploration by

Irvine Gold Project

done by other

other parties.

Centaur Mining & Exploration held licence EL 1224 in the

parties

1980s and conducted surface mapping, and shallow RAB

drilling along road verges in proximity to the Irvine

prospect. The main focus of their exploration activities

became the Mt Ararat base-metal sulphide deposit further

to the SW.

CRA Exploration held licences EL 2651 & EL 3429 (which

were amalgamated into EL 3450) in the early 1990s. It was

recognised that basalt lavas and associated meta-

sediments at the northern end of the field held gold

potential of the Stawell-style (which itself was relatively

poorly understood at that time). CRA drilled 12 RC holes

(average 48m depth) and 2 diamond holes in the Irvine

area. This work was initially focused along two north-

trending outcrops of ironstone to the west of the Irvine

Basalt, now referred to as the Great Western Trend (or

Stawell Fault). Significant gold grades of 4m @ 0.88 g/t

Au (RC92AA021 from 32m) and 2m @ 2.84 g/t Au

(RC92AA027 from 24m) were recorded. Mapping and rock

chip sampling across the entire Ararat Goldfield was also

undertaken at this time with several >1 g/t Au results

obtained.

A single diamond drill hole following up two shallow RC

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t +61 3 5358 8625

e info@navarre.com.au | w navarre.com.au

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P a g e | 18

Criteria

JORC Code explanation

Commentary

holes on the western flank of the Irvine Basalt generated a

0.5m @ 7.2 g/t Au intersection from 86.5m in a "classic

Magdala footwall sequence" of high arsenopyrite and

pyrrhotite from meta-sediments in DD92AA254. This was

the only hole to pass through the Irvine basalt contact.

From 1995 to 1996, under Joint Venture with CRAE,

Stawell Gold Mines undertook exploration which included

4 lines of shallow vertical air-core drilling across the trend

of the Irvine Basalt. Owing to weather and drill

penetration difficulties, no basalt contacts were

intersected in any SGM holes and no significant gold

results were obtained. The air-core program helped

deduce the broad outline of the western basalt contact. A

few selected trays from CRAE's regional drill program are

held by the Geological Survey of Victoria in their core farm

facility in Werribee.

Langi Logan Gold Project

There have been several phases of previous exploration

near the Langi Logan gold project, including several gold

drill intercepts which are referred to in this release.

Although Navarre has reviewed and assessed all previous

exploration results referred to in this release, it has

limited knowledge on how the data was collected,

sampled and assayed, and as a consequence has had to

make assumptions based on the available historical data.

Newcrest Operations Limited explored the licence area

under option from Range River Gold NL from 2004 to

2008 and undertook a gravity survey and a small drill

program. Drilling at the Langi Logan basalt dome

produced a best result of 2m @ 9.2 g/t Au from 228m

associated with arsenopyrite in a shear zone cutting

sulphidic meta-sedimentary rocks in RCDAR179.

BCD Metals Pty Ltd optioned the project area from Range

River Gold NL in 2009 and full control was granted to BCD

Metals when Range River went into voluntary

administration in April 2011. Further drilling of the Langi

Logan prospect confirmed anomalous gold values

reported by Newcrest but no significant intersections

were obtained.

Stavely Minerals Limited acquired the Victorian assets of

BCD Metals in 2013 and completed a small induced

polarisation survey on the NW flank of the basalt dome

that was followed up with a single diamond hole. No

significant intersections were obtained.

Navarre has reviewed and assessed all previous

exploration results available in the public domain.

Geology

Deposit type, geological setting and style of

The project areas are considered prospective for the

mineralisation.

discovery of gold deposits of similar character to those in

the nearby Stawell Gold Mine, particularly the 4Moz

Magdala gold deposit. The Stawell Goldfield has produced

approximately 5 million ounces of gold from hard rock and

alluvial sources. More than 2.3 million ounces of gold

have been produced since 1980 across more than 3

decades of continuous operation.

Drill hole

A summary of all information material to the

Reported results are summarised in Figures 3-5 and Tables

Information

understanding of the exploration results

1-4 within the main body of the announcement.

including a tabulation of the following

Drill collar elevation is defined as height above sea level in

information for all Material drill holes:

metres (RL)

o easting and northing of the drill hole collar

Drill holes were drilled at an angle deemed appropriate to

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t +61 3 5358 8625

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P a g e | 19

Criteria

JORC Code explanation

Commentary

o elevation or RL (Reduced Level - elevation

the local structure and stratigraphy and is tabulated in

above sea level in metres) of the drill hole

Tables 3 & 4.

collar

Hole length of each drill hole is the distance from the

o dip and azimuth of the hole

surface to the end of hole, as measured along the drill

o down hole length and interception depth

trace.

o hole length.

If the exclusion of this information is justified on

the basis that the information is not Material and

this exclusion does not detract from the

understanding of the report, the Competent

Person should clearly explain why this is the case.

Data

In reporting Exploration Results, weighting

All reported assays have been average weighted according

aggregation

averaging techniques, maximum and/or

to sample interval.

methods

minimum grade truncations (e.g. cutting of high

No top cuts have been applied.

grades) and cut-off grades are usually Material

An average nominal 0.2g/t Au or greater lower cut-off is

and should be stated.

reported as being potentially significant in the context of

Where aggregate intercepts incorporate short

this drill program.

lengths of high grade results and longer lengths

No metal equivalent reporting is used or applied.

of low grade results, the procedure used for such

aggregation should be stated and some typical

examples of such aggregations should be shown

in detail.

The assumptions used for any reporting of metal

equivalent values should be clearly stated.

Relationship

These relationships are particularly important in

Air Core Drilling

between

the reporting of Exploration Results.

The exact geometry and extent of any primary

mineralisation

If the geometry of the mineralisation with

mineralisation is not known at present due to the early

widths and

respect to the drill hole angle is known, its nature

stage of exploration.

intercept

should be reported.

Mineralisation results are reported as "downhole"

lengths

If it is not known and only the down hole lengths

intervals as true widths are not yet known.

are reported, there should be a clear statement

to this effect (e.g. 'down hole length, true width

Diamond Core Drilling

not known').

Estimated true widths are based on orientated drill core

axis measurements and are interpreted to represent

between 60% to 90% of total downhole widths.

Diagrams

Appropriate maps and sections (with scales) and

Refer to diagrams in body of text

tabulations of intercepts should be included for

any significant discovery being reported These

should include, but not be limited to a plan view

of drill hole collar locations and appropriate

sectional views.

Balanced

Where comprehensive reporting of all

All drill hole results received and pending have been

reporting

Exploration Results is not practicable,

reported in this announcement.

representative reporting of both low and high

No holes are omitted for which complete results have

grades and/or widths should be practiced to

been received.

avoid misleading reporting of Exploration

Results.

Other

Other exploration data, if meaningful and

All relevant exploration data is shown in diagrams and

substantive

material, should be reported including (but not

discussed in text.

exploration

limited to): geological observations; geophysical

data

survey results; geochemical survey results; bulk

samples - size and method of treatment;

metallurgical test results; bulk density,

groundwater, geotechnical and rock

characteristics; potential deleterious or

contaminating substances.

Further work

The nature and scale of planned further work

Navarre will continue regional testing of the basalt flanks

(e.g. tests for lateral extensions or depth

at both the Irvine and Langi Logan basalt domes utilising

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t +61 3 5358 8625

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P a g e | 20

Criteria

JORC Code explanation

Commentary

extensions or large-scalestep-out drilling).

the air-core (AC) and diamond (DD) drilling techniques.

Diagrams clearly highlighting the areas of

Areas of positive AC and DD drill results are expected to be

possible extensions, including the main

followed up with infill and expansion AC and Diamond

geological interpretations and future drilling

drilling in 2020.

areas, provided this information is not

commercially sensitive.

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t +61 3 5358 8625

e info@navarre.com.au | w navarre.com.au

Disclaimer

Navarre Minerals Limited published this content on 20 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 December 2019 23:30:05 UTC

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2019NAVARRE MINERALS : 20/12/2019 – Stawell Gold Corridor drilling demonstrate..
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2019NAVARRE MINERALS : 02/12/2019 – Lapse of Unlisted Options
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Chart NAVARRE MINERALS LIMITED
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Navarre Minerals Limited Technical Analysis Chart | MarketScreener
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 1
Average target price 0,15 AUD
Last Close Price 0,17 AUD
Spread / Highest target -9,09%
Spread / Average Target -9,09%
Spread / Lowest Target -9,09%
Managers
NameTitle
Geoffrey John McDermott Managing Director & Executive Director
Kevin John Wilson Non-Executive Chairman
Colin Henry Naylor Secretary & Non-Independent Director
Wessley Edgar Exploration Manager
Jodi Ford Accountant & Assistant Secretary
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1st jan.Capitalization (M$)
NAVARRE MINERALS LIMITED57.14%53
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