Great article on Navarre by Fitzgerald

The discovery by Canada’s ASX-listed Kirkland Lake (KLA) of the 1.16moz Swan Zone at a whopping grade of 2oz a tonne at its Fosterville gold mine, east of Bendigo in Victoria, has naturally enough raised interest in exploration efforts generally in the state.
The punters want more. Long-time Victorian gold specialist Navarre Minerals (NML) – 10% owned by Kirkland – is giving them what they want with its exposure to 25,000m of drilling over the next six months across five properties, both advanced and first-pass assessment targets.
Given its modest market cap of $24m (8.5c a share), it goes without saying that its leverage to success in the latest drilling program is extreme. Compare Navarre to other active explorers in the state, and it clearly comes across as being undervalued ahead of results from the program being known.
Navarre’s market cap compared with the $80m market cap of the Gina Rinehart and St Barbara (SBM) backed Catalyst Metals (CYL) demonstrates the point. The Four Eagles project is Catalyst’s flagship and its joint venture under which it can earn a 51% interest in Navarre’s adjoining Tandarra project ranks second.
Assume that $60m of Catalyst’s value lies with Four Eagles, there is a good $20m there for its ability to earn 51% of Tandarra. Yet Navarre sits there with a $24m market cap, with a full suite of wholly owned gold projects under its belt.
Still, as Navarre’s aggressive six month drilling program demonstrates, is not sitting on its uppers waiting for a market re-rating off the back of what Catalyst commands.
Its 100%-owned Irvine project, targeting Stawell-style gold mineralisation on the east flank of the Irvine basalt Dome, is its flagship. It is to be hit with 8,000m of drilling to expand the 1.6km long Resolution Lode discovery at depth below the base of oxidation.
The 1.6km strike length has particular meaning given that at the nearby Stawell mine, 4Moz was mined over time from 800m of strike at the surface. Previous drilling at Resolution returned good thickness and grade (including a best of 18.7m at 7.1 g/tonne gold).
It’s worth pointing out here that Resolution is all of 15km south of the Stawell mine which was recently sold by Kirkland to Hugh Morgan’s Arete Capital Partners in a deal involving the Smorgon family (the family is a 6% shareholder in Navarre).
Morgan is now drilling underground to find 500,000oz on which to restart the operation. Resolution might just help him get there a lot quicker.


My take, - the share price has had some pressure with holders selling some stock to pay for the 5c options they hold. This will be finished soon as the options expire in a few weeks and there is drilling ongoing and results can't be far away.
Good luck to all holders. Feeling very positive about this.
cheers
omg