Navigator closes $1m financing

Junior Navigator Exploration (NVR-A) has completed a $1-million private placement consisting of 4 million units priced at 25 cents each.

A unit consists of one share and one warrant entitling the holder to buy an additional share at either 30 cents in the first year or 35 cents in the second.

During the summer, Navigator carried out limited drilling on the Nowyak Lake gold project in Nunavut. The results indicate that high-grade gold and silver-bearing boulders found in 1998 at Komatik Lake probably originated from a large gold-bearing shear zone. This zone has been traced by prospecting and geophysics over 3.5 km.

Navigator targeted a 100-metre section with shallow drilling and intersected narrow mineralized zones.

The best results include 4 metres grading 2.67 grams gold and 22.5 grams silver per tonne starting at a depth of 36.4 metres, and 1.7 metres of 9.33 grams gold and 33.6 grams silver starting at 62.75 metres.

Reconnaissance prospecting revealed a new area of mineralized boulders, 2 km north of the Komatik shear zone. Grab sampling returned values of up to 6.87 grams gold.

In addition to the Nowyak Lake project, Navigator holds interests in diamond claims in the Northwest Territories and is a partner with Gitennes Exploration (GIT-T) on the Azul porphyry project in Peru.