Bendigo North, Tandarra JV

Location

Central Victoria, Australia

Geological Province

Bendigo-Ballarat Zone of Lachlan Fold Belt overlain by Recent Murray Basin cover

Commodity

Gold

Ground holding

Granted RL 006660 (5896 Ha.)

Status

Joint Venture between Navarre Minerals 49% and Project Manager, Catalyst Metals 51%.

Project Summary

The Tandarra Gold Project is a gold discovery located 40kms north of the 22 million ounce Bendigo Goldfield along the Whitelaw Fault Corridor and approximately 60kms northwest from Kirkland Lake Gold’s world-class Fosterville Gold Mine (Figure 1).  It is an advanced exploration project and a Bendigo analogue with confirmed high-grades of gold associated with several quartz reef structures.

Navarre believes Tandarra and the adjoining Four Eagles Project, owned jointly by Hancock Prospecting Pty Ltd and Catalyst Metals Limited (ASX: CYL) (Catalyst), are most likely connected, and its combined footprint has similar dimensions to the nearby multi-million-ounce goldfields of Fosterville and Bendigo where gold has been mined to depths of over 1,000m (Figure 1).

Tandarra is a greenfields (virgin) gold discovery under cover in the North Bendigo Zone of Victoria (an area of about 7,600km2) that the Geological Survey of Victoria has estimated the undiscovered gold endowment to be about 32 million ounces (Figure 2).

Historically there has been limited exploration as the recent Murray Basin sedimentary cover masks the basement gold mineralisation.

In 2014 Navarre entered into a Farm-out agreement with Catalyst Metals (ASX:CYL) and in late 2018 a Joint Venture (JV) was formalised after CYL achieved a 51% interest in the project by spending $3m. CYL is the JV Manager and expenditure is contributed pro-rata.  The project adjoins Hancock Prospecting Pty Ltd and CYL’s jointly owned Four Eagles Project (Figure 1).

Several outstanding and potentially economic wide, high-grade gold intercepts have been returned in drilling with gold mineralisation starting from 20m depth on the Tomorrow prospect (see Figures 3, 4 and 5, below).

Multiple high-grade gold intercepts from the Tomorrow prospect include (see Figures 3, 4 & 5):

  • 17m @ 7.1 g/t Au
  • 5m @ 17.0 g/t Au
  • 10m @ 17.9 g/t Au
  • 11m @ 6.2 g/t Au
  • 10m @ 4.8 g/t Au

Recent drilling by the JV has shown the potential for auriferous reef repetition or “stacking” at depth as shown in the long sections of Figures 3 & 4.  Significant high-grade gold with individual assays up to 32.2 g/t gold were intersected.  Highlight results include (see CYL ASX release of 26 February 2019):

  • 2m @ 17.4 g/t Au, including 1m @ 32.2 g/t Au from 332m (DDT018)
  • 16m @ 1.8 g/t Au, including 1m @ 7.3 g/t Au from 148m (DDT018)

The stacked mineralised zones support analogy with both the Bendigo and Fosterville goldfields.

In addition to the drilling completed on the Tomorrow prospect, shallow first-pass regional reconnaissance drilling targeting gravity anomalies has located several areas of alteration and quartz veining associated with gold. These are positive indicator for discovery of new reef areas. The best intercept was 2m @ 33.1 g/t gold within quartz veining located 5km north and on trend of the Tomorrow Prospect (see Figure 6).

Navarre believes Tandarra is part of a potential new goldfield emerging in central Victoria with opportunities for open pit and underground mining.

Figure 1: Map showing location of Tandarra Gold Project relative to the Bendigo and Fosterville goldfields.

Figure 2: Historic gold production from Bendigo-Ballarat Zone.

Figure 3: Longitudinal projection of the Tomorrow prospect showing recent intersections in blue highlight (source: Catalyst Metals 26 February 2019).

Figure 4: Longitudinal Projection of Tomorrow prospect showing stacked reefs (source: Catalyst Metals 27 April 2018).

Figure 5: Cross Section through Tandarra’s Tomorrow prospect showing highlight drill intersections (source: Catalyst Metals October 2017).

Figure 6: Tandarra Gold Project plan showing interpreted gold trends and areas of proposed drilling in 2019 (source: Catalyst Metals 26 February 2019).