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Resolution Minerals’ (ASX:RML) shares drop on East Pogo drill results

Mining
ASX:RML      MCAP $4.83M
06 August 2021 09:40 (AEST)
Resolution Minerals (ASX:RML) - Managing Director, Duncan Chessell

Source: Resolution Minerals

Resolution Minerals (RML) has received less than encouraging results from a recently completed drilling program at the 64North Project in Alaska.

The reverse circulation (RC) program targeted the East Pogo gold prospect which sits on a trend that’s positioned between the 11 million ounce Pogo Gold Mine and the Tibbs discovery.

Resolution drilled 12 holes, for 1663 metres, to test gold targets at a depth of between 50 to 190 metres.

While drilling intersected quartz-sulphide veining, the quartz veins didn’t contain significant gold values. Positively, Resolution identified a 2000 metre by 1600 metre zone that may host gold mineralisation.

Managing Director Duncan Chessell commented on the results.

“We identified dilation zones critical for gold mineralisation to form and multiple quartz veins bearing minor sulphides were intersected,” he said.
“While we did not receive near-surface gold results, the valuable data collected means we can now focus our efforts on a deeper target zone of 2000 metre-by-1600 metres.”

The company also observed strong pathfinder geochemistry towards the base of hole 21EP008. RML believes this indicates the potential of gold zones at depth. Unfortunately, this hole had to be abandoned before reaching the target depth due to ground conditions.

Resolution plans to return to this hole to effectively test the target for potential high-grade ‘Pogo-style’ mineralisation.

Company shares were down 19.2 per cent to trade at 2.1 cents at 10:16 am AEST.

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