GOLD and silver has been discovered at St Arnaud.
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A Navarre Minerals' maiden drilling program at its St Arnaud Gold Project has made the discovery this year.
Results from Navarre Minerals’ maiden drilling program at their St Arnaud Gold Project confirm the discovery of new gold and silver mineralisation.
The mineralisation is up to five kilometres north of the historic St Arnaud Goldfield.
All four drill lines have encountered potentially economic levels of gold and silver.
Gold up to 6.6 grams per tonne and silver up to 67.4 grams per tonne have been returned from the drilling campaign.
This comes after the company announced in June there was “strong potential” for further gold mineralisation to be found at St Arnaud.
Navarre Minerals believes the St Arnaud Gold Project exhibits several similarities to the world-class Fosterville Project Gold Mine near Bendigo, Victoria.
More than $1 billion in gold was discovered at the Fosterville Project, near Bendigo, in August 2017.
Navarre Minerals managing director Geoff McDermott said the results had exceeded expectations.
“The drilling has delivered compelling new exploration targets that we intend to further assess in the coming months and has provided an important insight into the geometry and structure of the gold and silver mineralised zones that have remained hidden below Murray Basin cover,” he said.
“Further drilling plans will be announced in due course.”
In another boost to mineral exploration in western Victoria, the state government announced in June that it will contribute up to $500,000 in co-funding for each exploration tenement successfully taken up to attract new investment and jobs.
The Victorian Treasurer and Resources Minister Tim Pallas said the government would promote 11 gold and copper mining exploration tenements in a 9,500 square kilometre area called the ‘Stavely Arc’.
The Stavely Arc is a geological region in western Victoria encompassing the area west of Stawell, south to Mortlake and north to Hindmarsh Shire.