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- Rex Minerals (RXM) has increased its mineral resource by more than 60 per cent across its projects at the Hog Ranch gold property in Nevada
- The ASX-lister today reported an upgraded combined resource of 165 million tonnes at 0.43g/t gold for 2.26 million ounces across four tenements at the property
- The Bells and Krista projects, in particular, yielded higher grade cores, with shallow oxidised mineral resources clocking in at two million ounces with a cut-off grade of 0.4g/t
- The upgrades are tipped to drive the next round of economic studies set to take place at Hog Ranch, with the company hinting the largest and potentially most significant structures are still yet to be tested
- Rex Minerals is up a steady 7.32 per cent following the announcement, trading at 22 cents per share
Rex Minerals (RXM) has increased its mineral resource by more than 60 per cent across its projects at the Hog Ranch gold property in Nevada.
Despite representing a predominantly inferred resource, the enhancement has brought the property’s combined total resource from 1.4 million ounces reported in May 2020 to today’s upgraded 2.26 million ounces.
More specifically, the latest update reveals a combined indicated and inferred mineral resource of 165 million tonnes at 0.43g/t gold for 2.26 million ounces across the four tenements, encompassing the Bells and Krista projects and the Cameco and Airport deposits.
The Bells and Krista projects, in particular, have indicated higher grade cores — with shallow oxidised mineral resources clocking in at two million ounces and yielding a cut-off grade of 0.4g/t for a combined 54 million tones at 0.65g/t gold for 1,130,000 ounces.
The indicated resource at Bells was doubled as part of the upgrade, taking its combined indicated and inferred resource to 37 million tonnes at 0.47g/t gold for 560,000 thousand ounces.
These finds are tipped to drive the next round of economic studies set to take place at Hog Ranch.
Rex Mineral’s Managing Director, Richard Laufmann, says the upgrade represents a great result whichever way you cut it.
“We have again moved the dial in a very meaningful way, with over two million ounces of shallow oxide material in resource,” he commented.
“Perhaps the most exciting new development is that we are also seeing, from the new airborne data, that the largest and possibly most significant structures are still yet to be tested,” he concluded.
In terms of future planning for the Hog Ranch property, Rex is considering options for early development of the higher-grade core at both the Bells and Krista deposits, in addition to larger and more sustainable economies suitable for the gold mineralisation for the projects.
Rex Minerals is up a steady 7.32 per cent following the announcement, trading at 22 cents per share at 11:06 am AEDT.
