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Market:ASX
Sector:Gold Mining
EPIC:NAV
Latest Price: 0.01  (16.67% Ascending)
52-week High:0.11
52-week Low:0.01
Market Cap:15.56M
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Navigator Resources

Navigator Resources Limited (ASX: NAV) has established itself as a mid-tier Western Australian gold producer following the commencement of gold production at its flagship 100%-owned Bronzewing operations in April 2010.

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Navigator Resources confirms new gold discovery at the Leonora Gold Project

Tuesday, April 12, 2011 by John Phillips
With the latest near surface high grade hits at Leonora confirming a new gold discovery, and with ongoing gold production at Bronzewing, Navigator is strategically positioned to benefit as the spot gold price pushes record highs. With the latest near surface high grade hits at Leonora confirming a new gold discovery, and with ongoing gold production at Bronzewing, Navigator is strategically positioned to benefit as the spot gold price pushes record highs.

Navigator Resources (ASX: NAV) latest drilling has confirmed a new gold discovery at the Hobby prospect, part of the Leonora Gold Project.

Highlighting the potential of the latest discovery, is that every hole in the 1300 metre reverse drilling program intersected mineralisation, identifying significant infill potential.

Navigator said the main strike length is 300 metres, but has the potential to extend to 550 metres.

The best gold hits included; 9 metres at 3.88 grams per tonne (g/t) gold from 32 metres, and 7 metres at 3.75g/t gold from 26 metres.

These results followed up on the historical drilling, which included; 12 metres at 10.7g/t gold from 6 metres, and 19 metres at 1.38g/t gold from 20 metres, including 3 metres at 5.97g/t gold.

The outcome of this discovery is that Navigator can significantly improve the overall project economics as the company progresses towards an ultimate project development decision.

More assays are still pending from the Hobby and Kurrajong North prospects, with the latest exploration program wrapping up at the end of March.

At the Bronzewing Gold Project, Navigator has an objective to increase the mine life to ten years, with an extensive exploration program underway.

A 6600 metre aircore program has just been completed to test 5 kilometres of strike length at the Eagle prospect, with assays pending.

At the Woorana prospect, a 3000 metre reverse circulation program kicked off last week.

Essentially what is so important is that both gold projects are well located with respect to regional infrastructure, being in the heart of the north-eastern goldfields region of Western Australia.

All required mining permits and granted mining leases are in place both at Bronzewing and Leonora.

Navigator's medium term objective is an annual target of 150,000 gold ounces from these two open pit projects.

Navigator also maintains an interest in assets in the East Kimberley, including the wholly owned Cummins Range Rare Earth Project.

 

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