Navarre Minerals (ASX:NML) has secured a $5M cornerstone investment from New York-based Lind Partners to accelerate its exploration program at Mt Carlton.

Navarre Minerals says the investment will be spread out over a maximum 24-month period at a price not less than 6.8 cents per share.

It also says the funds will be used to develop the higher-grade Mt Carlton United open pit operations and execute the Large Orebody Discovery Exploration (LODE) initiative.

Navarre Minerals also plans to issue 73,529,412 options to Lind, pending shareholder approval.