Sunday, 31 July 2011

Navaho Gold identifies gold-bearing system and rich new targets at Stevens Basin

Navaho Gold (ASX: NVG) has intersected gold at the Stevens Basin project in Nevada, U.S., with the project strategically located in a similar structural setting as Barrick Gold’s (NYSE: ABX) Archimedes/Ruby Hill 2.23 million ounce gold mine - which is 9 kilometres to the north-east.

Navaho said that all 14 holes returned intercepts containing anomalous (> 10ppb or 0.010g/t) values of gold, and of particular importance is the thickness of the anomalous gold interval in SB11‐09 of 109.7 metres from 1.5 metres, indicating a significant gold-bearing hydrothermal system has been identified.

Mark Dugmore, chief executive officer of Navaho, commented "the results from the first pass drilling at Stevens Basin are considered to be very encouraging in the context of exploring for Carlin-style mineralisation.

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"They are typical in terms of gold grade and pathfinder element association of leakage haloes peripheral to and above known deposits close by.
"The results warrant further follow‐up drilling in an attempt to focus our effort toward higher grade mineralisation.”

A major positive for the project, in addition to the elevated gold intercepts - is that several holes encountered zones of anomalous arsenic, zinc, barium and thallium levels.

These included up to 0.15% As over 9.1 metres, and 0.13% As over 36.6 metres, with anomalous zinc of 2.03% Zn over 7.6 metres.

Other results included anomalous barium 0.47% Ba over 87 metres, 0.84% Ba over 6.1 metres, 0.77% Ba over 7.6 metres, along with thallium of 2.4ppm Tl over 12.2 metres; 1.5ppm Tl over 74.7 metres; 3ppm Tl over 7.6 metres, and 1.5ppm Tl over 83.8 metres.

The importance of these elements is that they are strong indicators of a Carlin-style system.
Navaho has already planned a new drilling phase to be conducted in the September quarter of 2011, which will target additional geochemical and structural features.

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