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 .

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. The Cambrian volcanic rocks are mostly under cover and are revealed mainly by their magnetic signature. 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) . 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. 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.

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