Ramelius Resources (ASX:RMS) - CEO & Managing Director, Mark Zeptner
CEO & Managing Director, Mark Zeptner
Source: Bloomberg
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Gold miner Ramelius Resources (RMS) has received positive results from infill and extension drilling at three of its WA gold projects
  • Varying programs of aircore, reverse circulation and diamond drilling were designed to test for extensions to known mineralised zones and to infill known resources
  • Several promising results have been received from prospects across three projects, with results to aid in scoping studies and mine planning
  • Further drilling is planned for mid-December across the Wheatbelt projects when winter crops are harvested and the company can again access drill sites
  • Ramelius Resources ended the day 4.09 per cent higher today, with shares priced at $1.66 each

Gold miner Ramelius Resources (RMS) has received positive results from infill and extension drilling at three of its WA gold projects.

Penny project

Three prospects are being drilled across the Penny project, with both reverse circulation (RC) and diamond drill rigs in operation.

So far only the RC results have been returned. Extension drilling under the Penny West pit has returned high-grade results, including 3 metres at 18.42 grams per tonne (g/t) gold.

At the Magenta deposit, approximately 1.8 kilometres along strike from Penny West, a program of shallow infill RC drilling is being conducted and is aimed at better defining the known resource. The new data will be incorporated into resource modelling and optimisation to be used in the pre-feasibility study for the site.

The results were largely in line with expectations, including 19 metres at 4.80g/t, and 5 metres at 8.45g/t.

Diamond drill results from Penny North are still awaited.

Mt Magnet project

A single geotechnical diamond drill hole at Eridanus was drilled to track the wall of the proposed pit and penetrate the mineralised granodiorite below.

The hole returned highly encouraging results, including 203 metres at 2.18 grams per tonne gold. This result, along with nearby intersections, will be incorporated into a scoping study assessment for underground mining below the Eridanus pit.

Further infill drilling is also planned along the eastern strike extension of the Eridanus granodiorite, known as the Orion prospect. The drilling will target shallow oxide ore sources which have previously returned promising results.

Follow-up holes drilled around promising intersections below the Boomer pit failed to locate any fault breccia as planned, but did intersect highly-mineralised quartz veining.

Further infill drilling is proposed to test the extent of the veining.

Edna May project

Infill resource drilling within the proposed Tampia pits was cut short by pandemic restrictions, but will resume shortly. Results returned so far were as expected, with intersections of between four and 14 metres grading 1.04g/t to 2.42g/t.

Reconnaissance extension drilling around the 34,000-ounce Symes’ Find resource returned one promising result indicative of quartz veining.

The intersection was located around 2.5 kilometres north of the resource and remains open to the north, south and east. Follow-up drilling will be planned to further test the potential mineralised extension.

Ramelius Managing Director, Mark Zeptner says the results across the three projects are highly encouraging.

“The latest exploration drilling results at Penny are further testament to the project’s potential to deliver additional resources and reserves for the company,” Mark said.

“Beyond Penny, we are buoyed by new drill results at Mount Magnet and along the Westonia/Holleton and Tampia greenstone belts.

“These should aid in further consolidating Mount Magnet and Edna May as significant long-term production centres for the company.”

Further drilling is planned for mid-December across the Wheatbelt projects when winter crops are harvested and the company can again access drill sites.

Ramelius Resources ended the day 4.09 per cent in the green, with shares priced at $1.66 each.

RMS by the numbers
More From The Market Online
The Market Online Video

Triton Minerals (ASX:TON) executes material transaction for Ancuabe Graphite Project, Mozambique

Keely Lynch:

It’s hard to imagine a world without a mining company called Anglo American

Growing up in South Africa it seemed inconceivable that Anglo American, a mining colossus at its zenith…

Matador snaffles high grade copper play in Newfoundland

Matador Mining is set to add a high-grade copper play in the Canadian province of Newfoundland…

Provident Aurum’s off-market bid sends Sihayo shares soaring

Small-cap mineral and gold explorer, Sihayo Gold (ASX:SIH) shares have soared, on news that the company…