- R3D Resources (R3D) upgrades the Nightflower silver project exploration target in QLD
- The company undertook remodelling of historical drilling and geophysical trends within the project which led to the exploration target
- The conceptual target ranges from 2.75 Mt at 147g/t silver equivalent for 21.65 Moz of silver equivalent to 5.36 Mt at 245g/t silver equivalent for 25.33 Moz of silver equivalent
- R3D Resources plans to conduct drilling later this year to test the exploration target and upgrade it to JORC 2012 status
- Company shares are trading five per cent in the green at 10.5 cents at market close
R3D Resources (R3D) has upgraded the Nightflower silver project exploration target on EPM 27595 in Queensland.
The company undertook geological remodelling of wireframes defined by mineralisation in historical drilling and utilised historical induced polarisation (IP) survey results and applied various cut-off grades.
The majority of the historical work was conducted on the Digger lode which has been partly defined by surface outcrop and 19 drill holes that intersected mineralisation between 10 and 370 metres below surface.
The remodelling resulted in a “significant” increase in the exploration target which now ranges from 2.75 million tonnes at 147 g/t silver equivalent for 21.65 million ounces of silver equivalent to 5.36 million tonnes at 245 g/t silver equivalent for 25.33 million ounces of silver equivalent.
“The significant increase in the exploration target is encouraging and elevates the project status within the R3D exploration portfolio. It is also encouraging that this represents only one target (the Digger mineralisation) and excludes the prospectivity of the adjacent Terrace lode,” Managing Director Stephen Bartrop said.
R3D Resources is planning to test the exploration target through a drilling program later this year to potentially upgrade the target to JORC 2012 resource status.
Over at the Tartana project in Queensland, civil works are well advanced for the refurbishment of the copper sulphate plant.
Company shares were trading five per cent in the green at 10.5 cents at market close.