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Momentum builds at Mt Carlton

Navarre Minerals hopes to raise up to $9.5 million for its drilling operations at its Mt Carlton mine in Queensland.

The equity raise comprises a $4.5 million placement and a non-underwritten share purchase plan to raise up to an additional $5 million.

Navarre recently announced results of the first drilling program at Mt Carlton since it assumed formal ownership of the operation from Evolution Mining in December 2021.

The results confirmed the outstanding grade and continuity of the gold-silver-copper rich mineral deposit, with drill intercepts of up to 22.9 grams per tonne gold, 1327 grams per tonne silver and 4.2 per cent copper.

Drilling continues in 2022 as part of an ongoing exploration program, which will contribute to an updated resource estimate for Mt Carlton, along with updated mineral resources for other Mt Carlton satellite deposits such as Delta, BV7, and Telstra Hill.

Navarre managing director Ian Holland said it was an exciting time in Navarre’s history.

“Since taking ownership of the Mt Carlton operation in late 2021, our expanded geology team has materially advanced our understanding of the project and its prospectivity,” he said.

“This has resulted in the production of highly encouraging, quality drilling results from virtually all Mt Carlton satellite mineral deposits. With momentum building at Mt Carlton, we believe timing is right to step up exploration activity as we look to expand the growing resource base and convert more resources into reserves into our state-of-the-art processing facility.”

Editor of industrial titles and mastheads with Prime Creative Media. Publications include Rail Express and Australian Mining (web content).
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