Western Victoria Copper Project

Location

Western Victoria, Australia

Geological Province

Delamerian Grampians – Stavely Zone, Mount Stavely Volcanic Complex, Dryden – Stavely Volcanic Belt or Stavely Arc

Commodity

Gold, Silver, Copper, Zinc, Lead

Ground holding

Exploration Licences 4590, 5425 & 5497, (371 km2)

Status

Navarre Minerals 100%

Stavely Minerals (ASX:SVY) earning up to 80% on EL 5425 by spending $0.45M in 5 years

Project Summary

Navarre’s Western Victoria Copper Project captures multiple, largely untested targets in approximately 100 kilometres of Stavely Arc volcanics, including the Eclipse, Lexington, Glenlyle and Pollockdale prospects (Figure 1).  The volcanics within the Project area are mostly concealed by younger cover rocks.  Small windows of basement exposure have led to discovery of a number of copper and gold prospects such as Eclipse, Lexington and Pollockdale.

The Stavely Arc is recognized as a continental margin arc setting similar to the Andes in South America, host to some of the world’s largest known porphyry copper deposits.

Navarre is targeting large volcanic massive sulphide (VMS), porphyry copper – gold and epithermal deposits.

Regional Geology

Navarre’s Western Victoria Project is located within the Mount Stavely Volcanic Complex (MSVC), considered an analogue of the Mt Read Volcanics in Tasmania, which is host to:

  • Mount Lyell (1.8Mt Copper /2M oz Gold)
  • Rosebery (1.1Mt Lead / 820kt Zinc/ 115kt Copper/ 110Moz silver / 2Moz Gold)
  • Henty (1.2M oz Gold)

The MSVC is classified into the Grampians – Stavely Zone in western Victoria. The Moyston Fault separates the Delamerian Grampians – Stavely Zone, to the west, from the Lachlan Fold Belt containing the Victorian goldfields to the east.  West of the Moyston Fault are fault-bounded belts of Mount Stavely Volcanics within a sequence of quartz-rich turbidites (Glenthompson Sandstone) deforming during the Late Cambrian to form the basement of the Grampians-Stavely Zone.

The Dalamerian rocks are unconformably overlain by an Ordovician-Silurian shallow marine to fluvial sequence of the Grampians Group. The Mount Stavely Volcanics consists of a basal ultramafic unit and then a suite of andesitic lavas at the base of the pile, conformably overlain by felsic volcanics/tuffs, shales and sandstones, with plugs of tonalite and rare slices of ultramafic rocks.

Glenlyle Project (EL 5497)

The 100%-owned Glenlyle Project is located about 25 kilometres north of Stavely Minerals Limited’s Thursday’s Gossan porphyry copper-gold project for which Stavely Minerals has recently reported significant bornite mineralisation, considered a strong pathfinder for the discovery of a large porphyry system (Figure 1).

Navarre’s Glenlyle Project is situated in the same package of Cambrian volcanic rocks (the Stavely Arc’s Dryden – Stavely Volcanic Belt) that hosts Stavely Minerals’ Thursdays Gossan porphyry copper-gold project (Figure 2).  The Cambrian volcanic rocks are mostly under cover and are revealed mainly by their magnetic signature (Figure 2).  The cover has made surface sampling and exploration difficult in the past, potentially concealing significant zones of near surface mineralisation that remain to be detected.

Navarre’s 2018 maiden drilling program intersected multiple broad zones of silver mineralisation containing several discrete veins of gold mineralisation, with anomalous lead and zinc.  The best drill intersection was 46m @ 8.1 g/t silver, including 1m @ 252 g/t silver, 3.1 g/t gold, 0.3% lead, and 0.3% zinc and was intersected at the bottom of hole in GAC030 (see NML’s ASX release of 23 April 2018) (Figures 3 & 4).   This intersection occurs with at least one other discrete gold zone within a broad envelope of anomalous silver assaying between 1.2 and 8.1 g/t Ag.  The mineralisation occurs as fine-grained disseminations and as discrete silica and sulphide veinlets within a pervasive sericite-pyrite altered andesite.  This intersection remains open along strike and at depth.

The mineralisation is hosted in a thick pile of andesitic volcanics below a (1- 30m thick) veneer of Tertiary basalt cover (Figure 3).  At the top of the basement rocks, a 15-20m thick metal depletion zone typically occurs.  Below the depletion zone, areas of strong sericite-pyrite alteration have been intersected and this alteration coincides with an induced polarisation chargeability anomaly which extends in a north-south direction for up to one kilometre (Figure 4).  This zone is also coincident with a gravity low, interpreted to represent either a buried porphyry intrusive (potential source of mineralised fluids) or a broad alteration zone related to epithermal-style mineralisation.

The results highlight the Project’s potential to host a major epithermal gold-silver system at shallow depths above an interpreted deeper porphyry target.  In addition, Navarre believes the results confirm the potential for narrow, high-grade gold and silver veins at depth and along strike within this system.

Navarre’s work indicates a high level of preservation of the original Stavely Arc sequence with probable sub-volcanic intrusions, which is a positive indicator for the prospectivity for porphyry and epithermal style mineralisation.  The extent and type of alteration logged in drill holes is also encouraging for the presence of significant mineralisation.

The Company’s technical team and consultants are refining target zones for follow-up drilling.  This work will include a review of the geophysics and an assessment of the geochemistry and alteration patterns with the aim of identifying vectors towards high-grade epithermal veins and a potential deeper porphyry copper-gold system.

Stavely Project (EL 5425)

The Stavely Project tenement (EL 5425) surrounds Stavely Minerals Limited’s (ASX:NML; Stavely) namesake Stavely Copper Project in western Victoria where Stavely recently reported encouraging porphyry copper-gold mineralisation (Figures 1 & 5).  The Project, like Glenlyle, lies in the Grampian-Stavely Zone.

In January 2018 the Company entered into an Earn-in and Joint Venture Agreement with Stavely under which Stavely may earn up to 80% equity interest in exploration licence EL 5425 by spending $0.45M over a five year period.

Stavely has subsequently identified two potential porphyry copper-gold targets for first pass drilling on EL 5425 which they plan to complete in 2019.

The farm-in agreement provides Navarre exposure to copper exploration, enabling focus to be directed on the flagship gold projects.

Black Range (Eclipse) Project (EL 4590)

The 100%-owned Black Range Project captures three fault-bound segments of the Stavely Arc volcanics (Figure 1).  The Project area includes the advanced Eclipse prospect where a supergene blanket of enriched copper (chalcocite) mineralisation is developed above widespread copper, gold and zinc mineralisation, interpreted to be associated with a potential deeper porphyry source.

In 2014 the Company undertook an induced polarisation geophysical survey which highlighted a large undrilled anomaly beneath the shallow chalcocite mineralisation that is also coincident with a gold-in-soils anomaly (Figures 6, 7 & 8).  This target remains to be drilled.

Figure 1: Western Victorian Copper Project location map.

Figure 2: Magnetic image showing the Dryden-Stavely Volcanic Belt and the Glenlyle 5-6km circular magnetic feature.  Inset: Dryden-Stavely Volcanic Belt relative to Glenlyle and SVY’s Thursdays Gossan.

Figure 3:  Glenlyle Project cross-section 5858180N interpretation showing key drill intercepts, geology and alteration zones.

Figure 4: Map of the Glenlyle Project showing interpreted geology, mineralised epithermal trend and potential intrusive complex.  Note: several of the previous drill holes shown did not penetrate the Tertiary basalt cover.

Figure 5: Stavely Project locations. Navarre’s EL 5425 shown in green (Source: Stavely Minerals website).

Figure 6: Plan view of the Eclipse prospect showing location of IP geophysics targets.

Figure 7: North – South longitudinal projection of IP Target 1 of the Eclipse prospect showing location of Navarre’s drilling, the supergene chalcocite blanket and interpretation of a deeper target

Figure 8: East – West cross-section through the Eclipse prospect showing interpretation of IP geophysics.