Current surgical navigation systems offer sub-millimetric real-time localization, however they are expensive, require the use of invasive markers attached to the patient, and often add extra operation time. In this paper we propose an affordable markerless navigation approach, based on mid end depth sensors, as an alternative to answer medical applications needs in terms of accuracy and robustness. An algorithm called Fast Volumetric Reconstruction (FaVoR) implements a compute-efficient approach for real time 3D model registration based tracking, allowing computed 3D poses to be used for video scene augmentation. After early testing with a first proof-of-concept implementation, a preliminary accuracy evaluation was performed using a dynamic test bench, achieving an average 2mm registration error during tracking.