Navarre Resources in full swing on Strike property

Diamond drilling is under way on the Strike property of Navarre Resources (VSE), 18 miles north of Stewart, B.C.

The company is testing several mineralized areas associated with a fault structure that is traceable on surface for more than 1 mile.

Related quartz veining and brecciated stockwork structures occur within a bedded, sedimentary-volcanic sequence. Sulphide mineralization takes the form of pyrite, sphalerite, galena, chalcopyrite and tetrahedrite.

The property lies on the open west slope of the Bear River Ridge at an elevation ranging from 3,600 to 5,500 ft. With 13 holes drilled to date, the company expects to expand upon the originally planned 20-hole program. Drilling has concentrated on an area measuring more than 1,200 by 700 ft., which includes the Knob Hill area. At the moment, drilling is testing the nearby A Kicker, a 5-ft.-wide zone of quartz breccia stockwork.

Navarre has also sunk two shallow holes into a narrow, high-grade zone called the Hawk. Surface sampling of the half-foot-wide zone averaged 10.9% zinc, 5.8% lead and 0.56% copper, as well as 0.45 oz. gold and 132.58 oz. silver per ton. The zone widens at depth.

Initial assay results should be available in early November.

Under the direction of previous management, Navarre drill-tested the Strike property in 1993, with seven holes totalling 3,135 ft. Significant results included 10 ft. of 2.4% zinc and 0.9% lead, plus 0.04 oz. gold and 6.38 oz. silver, for hole 93-6; and 4 ft. of 2.87% zinc and 1.47% lead, plus 0.07 oz. gold and 9.97 oz. silver, for hole 93-7.

Farther south, in Nevada, the company has acquired the Black Kettle property which, in addition to hosting a vanadium deposit, exhibits potential for a deep-rooted gold deposit.

Navarre has 7.5 million shares outstanding on a fully diluted basis. A private placement is in the works, which is expected to generate $300,000.