Navarre Minerals (ASX:NML) is confident it can uncover the “significant” gold endowment within its tenement package in Victoria, Australia.
In the company’s latest quarterly report for the period ending 30 September 2024, Navarre reveals it has completed a seven-hole diamond drilling program at the Lawry prospect within the Tandarra Gold Project.
The junior explorer reports there are numerous examples of anomalous gold grades present at several locations within Tandarra, including on the reverse fault, concordant slip planes, in anticlinal hinges, and adjacent to synclinal hinges.
Managing Director James Gurry says he is confident that Navarre can unlock growth for its shareholders at Tandarra.
“Our drilling program at Tandarra has already yielded results that confirm our gold mineralisation can grow further, with a focus on increasing activity over the coming months,” Gurry says.
The news comes after Navarre lodged a submission with the Australian Securities Exchange (ASX) for approval to recapitalise and resume trading.
Gurry says the board and management of Navarre, along with its advisor group, have been working diligently through the past quarter to recapitalise and return the company to trading on the ASX.
“With tremendous support and confidence from a range of new and existing investors, I am confident that Navarre can fully uncover the significant gold endowment within its tenement package,” he says.
As part of key terms to the proposed recapitalisation, the company is aiming to raise between $4 million and $6 million, at $0.10 per share, to fund activities across its portfolio of exploration projects in Victoria.
Navarre welcomed privately held Dunkeld Pastoral as an early cornerstone investor, which committed to invest at least $1 million by acquiring $500,000 worth of shares and providing convertible debt worth $500,000.
The company is also giving eligible shareholders the opportunity to apply for 60 million shares at $0.10 per share.
“We thank shareholders for their patience as we have worked to reset the company and position it to benefit from the current strength of the gold price and the excellent portfolio of Victorian projects,” Gurry says.
Navarre Minerals is focused on discovering and developing “large, long-life deposits” with the aim of producing the next generation of million-ounce gold deposits through its exploration.
The company’s project portfolio includes the Stawell Corridor, St Arnaud, Jubilee, and Tandarra gold projects, all of which are located in Victoria.
Gold’s spot price broke a new record yesterday (16 October), reaching $4,000 per ounce. As of 10.30am AEDT, the precious metals’ price is sitting at $4,022.65 per ounce, according to the ABC Bullion.
As of 30 September 2024, Navarre had $129,000 cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Navarre Minerals
