- Ore stockpiling continues ahead of inaugural toll-milling
- Initial ore haulage on target to commence shortly
- Surface clearing completed at the adjacent Queen Alexandra (QA) site
- Capital-light development structure continues to deliver value
Redcastle Resources (ASX:RC1) is ramping-up mining activities at its Redcastle Reef (RR) and Queen Alexandra (QA) gold deposits, located within the Redcastle gold project in WA’s Eastern Goldfields.
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The Redcastle-BML Ventures joint venture (RB JV), with BML Ventures as operator, is progressing strongly at Redcastle Reef, with ore material continuing to be mined and stockpiled on site as part of the planned open pit mining sequence.
Mining activities to date have been focused on the near-surface oxide mining phase within the approved activity envelope.
In addition, work at the QA deposit has commenced and concurrent mining activities are underway. Importantly, the close proximity of the QA and RR deposits – located only approximately 700m apart – is delivering operational efficiencies through sharing of infrastructure, equipment and site-based activities.
Chairman, Dr Ray Shaw, said with RB JV mining operations expected to generate cash flow in the coming months, the company remains focused on its evolution from a pure explorer into an integrated gold mining and exploration company.
Further, in anticipation of an improved funding position, Dr Shaw said RC1 remains committed to realising value from its Eastern Goldfields assets through near-mine exploration across the Redcastle project area, targeted exploration drilling in the TBone Belt in H2 2026, and field activities in the Kilkenny Belt as a prelude to a planned drilling campaign during H1 2027.
Within the Redcastle project area, Queen Alexandra and Redcastle Reef host the company’s current mineral resources reported in accordance with the JORC code, while nearby targets including Morgan’s Castle East, Sligo, Coronation, South Queen and Battery Lode provide additional exploration and development upside.
In mid June Redcastle reported new assay results from additional RR grade-control reverse circulation (RC) drilling and QA infill drilling.
The results added to the technical dataset across the RR-QA development area during an important operational phase for Redcastle.
Dr Shaw said additional drilling at Redcastle Reef has provides shallow, mine-scale information within the active development area, supporting ongoing interpretation of lode continuity, local grade distribution and ore-waste boundaries.
At Queen Alexandra, the infill results continued to support the interpreted stacked, structurally controlled lode system and provide additional geological context ahead of the pending QA grade-control assay results, which are not reported in this announcement.
“These results reinforce the company’s strategy of developing Redcastle Reef and Queen Alexandra in tandem. Together, the current Redcastle Reef mining activities and the potential development of Queen Alexandra could establish a more substantial revenue base capable of funding ongoing exploration, resource growth and project advancement across Redcastle, the TBone Belt and the Kilkenny Belt with reduced dependence on external capital.”
RC1 was steady at 12.5c prior to the market opening with a Mkt cap of $15.0M.
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