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.

| More on:
hand on touch screen lit up by a share price chart moving higher

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

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%.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

Lion roaring in the wild, symbolising a rising Liontown share price.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors once again pulled back from record highs today.

Read more »

Good news has these businesspeople cheering for joy, partying in a board room.
Bank Shares

2 uniquely Australian reasons why ASX 200 bank shares are outperforming global peers

Three of the Big Four ASX 200 bank shares hit new price milestones today.

Read more »

A group of friends party and dance in the desert with colourful confetti all around them.

ASX 200 to finish 2024 higher than expected: AMP

AMP says there were 3 factors that drove the ASX 200 to its new record high above 8,000 points this…

Read more »

a line up of job interview candidates sit in chairs against a wall clutching CVs on paper in an office setting.

Why did the ASX 200 dip on the latest unemployment figures?

The labour market remains stubbornly resilient with only a minute increase in unemployment last month.

Read more »

Man holding fifty Australian Dollar banknote in his hands, symbolising dividends, symbolising dividends.
Share Market News

Buy these top ASX ETFs for income in FY 2025

These ETFs could be worth a look if you're searching for income.

Read more »

A woman ponders over what to buy as she looks at the shelves of a supermarket.
Consumer Staples & Discretionary Shares

Have ASX investors missed their chance to buy Woolworths shares?

After a sharp recovery, Woolworths shares might not be on sale anymore...

Read more »

A rueful woman tucks into a sweet pie as she contemplates a decision with regret.

DroneShield shares taught me a $29,612 lesson. Stick to your guns

If only I knew what I know now, I'd be $29,612 better off.

Read more »

Cheerful boyfriend showing mobile phone to girlfriend in dining room. They are spending leisure time together at home and planning their financial future.
Share Gainers

Why Accent, Dusk, Evolution Mining, and Zip shares are pushing higher today

These shares are having a great session. But why?

Read more »