Why the Navarre Minerals (ASX:NML) share price is on the rise today

The Navarre Minerals share price is gaining today, up 4% in early afternoon trade. We take a look at the ASX gold explorer's latest results.

Bernd Struben

Author bio Bernd Struben earned his BA in economics from the University of Michigan in 1991, with post-graduate studies in environmental economics at the University of Connecticut. Over the years he’s written about and analysed the tourism industry in the Caribbean; Europe’s commercial real estate markets; and, since moving to Australia in 2010, global and Aussie share markets. Bernd studies geopolitical and macroeconomic trends, alongside sector and company specific data, to gauge what he believes could be tomorrow's best investments. In his free time, you might find Bernd at the beach with his family or working on his next science fiction novel. Areas of expertise Australian and global share markets Macroeconomic and geopolitical trends Real estate Education Economics, University of Michigan Favorite investment quote "The four most dangerous words in investing are: 'This time it's different." — Sir John Templeton

Published March 4, 2021 2:24 pm AEDT

The Navarre Minerals Ltd (ASX: NML) share price is gaining today. At the time of writing, the Navarre share price is up more than 10% to 16 cents.

This comes after the ASX gold and silver explorer reported on its air core drill results this morning.

hand on touch screen lit up by a share price chart moving higher — Image source: Getty Images

What drill results did Navarre report?

The Navarre share price is well and truly on the rise today. Indeed, this rise comes after the company reported "outstanding gold and silver results". These results were detected at its Glenlyle project in western Victoria.

The assay results come from Navarre's 8,400 metre air-core drilling program. The top results included grades of up to 301 grams per tonne of silver. Additionally, it reported 1.3 grams per tonne of gold.

Navarre said the strong results indicate it is "honing in on a large concealed polymetallic mineralised system". The company has already started a 2,000-metre diamond core drilling program to further understand the mineralised system.

Comments from the managing director

On the results, Navarre's managing director, Ian Holland said:

The latest air-core drilling results are outstanding and we have immediately kickstarted a diamond core drilling campaign to test the depth extents of a potentially large polymetallic mineral system on the Glenlyle tenement.

The mineralised footprint at Morning Bill has now doubled in strike length, with further extensions likely given visual analysis of material drilled but not yet assayed.

Holland added that Navarre was optimistic about the "broad widths and tenor of the results… as well as the presence of a large magnetic low corresponding with this mineralisation".

The company stated it will now focus on verifying and reporting the remaining results from the air core drilling program. In addition, it is also focusing on completing the 2,000-metre diamond core drilling program it just commenced.

Share price snapshot

Navarre Minerals shares have gained 61% over the past 12 months. In comparison, the All Ordinaries Index (ASX: XAO) is up 10% since this time last year.

So far in 2021, the Navarre share price is down 31%.

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