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Rebranded Western Ridge Resources (ASX:WRX) has defined multiple shallow “ready to drill” targets through analysis of an aeromagnetic survey conducted over the Keystone project in northern Nevada.
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The Week 10 news of the positive initial results from the survey comes a day after Summit Minerals was renamed to Western Ridge Resources.
Western Ridge shareholders who voted for the name change would have been buoyed by the results of the low-altitude, drone aeromagnetic survey designed to identify prospective structures and intrusive contacts considered favourable for vein-hosted silver, lead, zinc, and gold mineralisation.
The newly-renamed company’s managing director, Dr Matthew Cobb, said the numerous targets defined in the project area included coincident first vertical derivative (1VD) and analytic signal (AS) anomalies.
Dr Cobb also told holders that this geophysical signature is commonly associated with shallow magnetic sources with well-defined geological boundaries, such as intrusive contacts, dyke margins, and structurally controlled zones.
“These results mark an excellent start to field activities at the Keystone project and provide a wealth of new information that will help shape the first substantial exploration campaign undertaken in over 80 years at this historically productive, yet overlooked area,” Dr Cobb explained this morning.
“To see the survey results highlight target areas over the historic mine workings and then see similar targets across the broader landholding is an exciting result and demonstrates the highly prospective nature of the area.”
Several of the coincident 1VD and AS anomalies are spatially associated with historic mine workings at both Keystone and Marble Rock, providing positive support for the definition of these targets, while also highlighting the prospectivity of the project for additional mineralisation discoveries.
Western Ridge has submitted a notice of intent (NOI) for approval of a 19-hole reverse circulation (RC) drilling program to test the strike and depth extents of the main Keystone mine workings.
At the same time, the Australian company is pursuing a campaign of prospect scale field mapping of the projects in order to prioritise the multiple additional targets for testing as the year progresses.
WRX is up +5%, to 21cps today.
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