Navarre Minerals (ASX:NML) has completed a recapitalisation in which it raised $6 million by the issue of 60 million shares at $0.10 per share and as such, is expected to resume trading on the Australian Securities Exchange (ASX) tomorrow (12 November).
Managing Director James Gurry has thanked those new and existing shareholders for their support throughout this period with the company’s shift in focus entirely now to its ground operations.
Navarre focuses on discovering large, long-life gold projects in Victoria, Australia. Key projects include Stawell Corridor Gold, St Arnaud Gold, Jubilee Gold, and Tandarra Gold.
Its flagship asset is the Stawell Corridor Gold Project, in an area that hosts the Stawell (6 million ounce) and Ararat (1 million ounce) goldfields. Within this project, Navarre reported its maiden inferred mineral resource (304,000oz) and additional exploration target (280-420,000oz) on the margins of the Irvine basalt dome.
To the south of Irvine also lies the ‘high-grade’ gold discovery Langi Logan on a 14.5km long basalt dome. Navarre says the Morning Bill (Glenlyle) prospect is a potential epithermal gold-silver system above a deeper porphyry target in the emerging Stavely Arc volcanics, just south of the Stawell Corridor.
In joint venture with operator Catalyst Metals (ASX:CYL), Navarre owns a 49% interest in the Tandarra Gold Project, 50km northwest of Agnico Gold’s Fosterville Gold Mine, and 40km north of the 22-million-ounce Bendigo Goldfield.
At the St Arnaud Gold Project, Navarre previously identified gold mineralisation beneath and adjacent to the historical mine workings. At the Jubilee Gold Project, 25km southwest of the Ballarat Gold Mine, the company is targeting extensions and repetitions of the historically mined transverse gold-bearing quartz reef. These structures are similar to Fosterville’s ‘high-grade’ Swan-Eagle system.
Write to Adam Orlando at Mining.com.au
Images: Navarre
