- Gold producer Ramelius Resources (RMS) intersects its first ore drive at its Penny gold mine in Western Australia, with a nearby airstrip nearing completion
- Further, in a company update on its exploration and development projects, Ramelius says the decline rehabilitation at its Galaxy Underground mine is “rapidly” progressing
- Managing Director Mark Zepter says this means the company can begin development work at the Mars and Saturn orebodies in the area shortly
- Meanwhile, drilling and exploration work continues across Ramelius’ Bartus East, Symes Find and Rebecca project areas around WA
- Shares in Ramelius Resources are down 1.45 per cent to 68 cents at 2:35 pm AEST
Gold producer Ramelius Resources (RMS) has intersected its first ore drive at its Penny gold mine in Western Australia, with a nearby airstrip nearing completion.
The company reported the news amid an update on its development projects and exploration work, primarily focused on its Mt Magnet operations in WA’s Murchison Goldfield.
The airstrip at the Penny mine, once complete, will reduce flight costs and commute times to and from the project area.
The company said its decline rehabilitation at the Galaxy Underground mine in Mt Magnet was also progressing well, now 550 metres down from the portal.
Meanwhile, Ramelius has continued diamond drilling in the Galaxy area, with recent results including a six-metre hit at 25.2 grams per tonne (g/t) gold from 387 metres and a 4.7-metre hit at 5.23 g/t gold from 238.6 metres.
Ramelius Managing Director Mark Zeptner said it was “pleasing” to see the Penny mine intersect its first ore alongside the rapid progress of the Galaxy decline rehabilitation.
“In addition, our exploration and resource development teams continue to hit high-grade material at Galaxy, Bartus East, Symes Find and, in particular, the 470-gram-metre result
at Rebecca, reinforcing our view on the quality and potential of that project, all of which
stand Ramelius in excellent stead for the future,” Mr Zeptner said.
He said the speed of the progress at Galaxy meant the company could begin development at its Mars and Saturn orebodies shortly.
Ramelius has continued its drilling work at the Bartus East zone in the Mt Magnet region, with an updated mineral resource for this area slated for before the end of the year.
Meanwhile, at the Symes Find prospect in WA’s Eastern Goldfields, Ramelius has continued its reverse circulation (RC) work while negotiating with landowners and regulatory bodies to target first production from the region in the 2024 financial year.
Finally, Ramelius said with RC and diamond drilling ongoing at its Rebecca gold project near Kalgoorlie, it was working to develop a detailed project timeline for this area.
Shares in Ramelius Resources were down 1.45 per cent to 68 cents at 2:35 pm AEST.