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Redcastle Resources (ASX:RC1) has defied a bloody Friday on the ASX, gaining +6% on news the explorer has started grade control drilling – a key step towards production – at its Redcastle Reef gold deposit in the Eastern Goldfields.
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The program, helmed by Redcastle’s joint venture partner BML Ventures, assessed whether Redcastle Reef can serve as another ore source for the explorers.
Drilling will comprise as many as 315 holes for a combined 12,800 metres, with work expected to run through the next nine weeks to Christmas. Assays will then hit Redcastle’s desks by mid-CY26’s first quarter; an updated JORC Mineral Resource Estimate should be prepared four weeks after those come in.
The biggest priority for Redcastle during the grade control program will be “derisking and accelerating,” said chairman Dr Ray Shaw. It will also give the company the chance to explore accelerating first production.
“Shareholders should be suitably impressed at the pace the JV is advancing to expedite the company’s exposure to current gold pricing,” he added.
The drilling will also support a comprehensive mining proposal Redcastle’s powerbrokers are putting together. That will be handed to the Western Australian Department of Mining, Petroleum, and Exploration by late December. BML Ventures will be paying for any associated costs there, per the JV deal.
Redcastle will also use the campaign to improve milling efficiency through blended feedstock and examine whether they would be able to run deep RC drilling at Queen Alexandra without delaying pit design timelines.
There may also be the opportunity for Redcastle explorers to quietly sniff around for “concurrent operations” in the area, The Market Link understands.
RC1 shares were mostly recently 0.9cps.
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