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Redcastle Resources (ASX:RC1) has picked up significant gold intercepts at three prospects across its Eastern Goldfields project in Western Australia, with grades of more than 22 grams per tonne (g/t) in one case.
This, the company has today suggested, points to “widespread mineralisation.”
The latter grade was found at Morgan’s Castle East (MCE), where reconnaissance drilling confirmed the presence of a gold mineralised structure in an oxide zone that has a potential east-west strike stretching 400 metres.
The most impressive intercepts from MCE were one metre at 22.50 g/t Au from 36 metres in one hole, and one metre at 6.12 g/t Au from 27 metres in another.
At another prospect, Queen Alexandra, Redcastle found new high-grade intercepts at shallow depths in a northern area not drilled, including four metres at 10.94 g/t Au from six metres, and four metres at 4.79 g/t Au from eight metres.
Alongside this, drilling work has proven the lateral continuity (in multiple directions) of a zone of anomalous gold mineralisation, dubbed the ‘Kestrel Lode,’ with intercepts such as seven metres at 10.16 g/t Au from 42 metres and three metres at 6.43 g/t Au from 15 metres.
Finally, Red Castle Reef is moving towards achievement of a mineral resource estimate, with drilling showing a highest-grade intercept of two metres at 9.14 g/t Au from 39 metres.
Altogether, Redcastle progressed 6,500 metres of reverse circulation drilling at the project and intends to expand this to 9,700 metres.
It has proposed the results from QA in particular could leverage a scoping study with bulk sampling, with consideration to developing an open-pit mine using third-party process tolling.
At the same time, results from Redcastle Reef and MCE suggest the possibility of satellite open-pit developments which could boost commercial expansions of any future initiative.
Redcastle shares last traded at 0.8 cents – a fall of 11.11% since market open.
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