- Resources and Energy (REZ) shares have slipped after the company announced drilling at its Mount Mackenzie project was hampered by “difficult conditions”
- The explorer wrapped up drilling at the Queensland silver-gold project in April but was only able to execute 400 metres of core recovery as opposed to 600 metres
- The company cited difficult drilling conditions which in turn slowed down-hole progress due to frequent tripping, short runs and water circulation issues
- Despite this, REZ affirmed the holes that did penetrate the full width of the mineralised zones were about 150 metres in width and in both cases the ore was revealed to be 20 metres to 25 metres thicker than the model
- Resources and Energy shares are down 5.26 per cent following the announcement, trading at 3.6 cents
Resources and Energy (REZ) shares have slipped after the company announced drilling at its Mount Mackenzie project was hampered by “difficult conditions.”
The explorer wrapped up drilling at the silver gold project — which is situated 150 kilometres north west of Rockhampton Queensland — in April.
According to REZ, the programme sought to recover cored intervals through the entire ore body for metallurgical testing, investigate primary mineralisation below current drills and upgrade the South West Slopes resource to the indicated category.
Resources and Energy had tabled recovery of 600 metres of core over seven holes, however, it was only able to execute 400 metres, targeting two zones of primary mineralisation.
The company cited difficult drilling conditions which in turn slowed down-hole progress due to frequent tripping, short runs and water circulation issues.
The holes that did penetrate the full width of the mineralised zones were about 150 metres in width and in both cases the ore was revealed to be 20 to 25 metres thicker than the model.
REZ said “intense and extensive” silica and pyrophyllite alteration typical of High sulphidation epithermal mineralisation were noted, with up to 10 per cent sulphides being observed.
Resources and Energy shares are down 5.26 per cent following the announcement, trading at 3.6 cents at 2:39 pm AEST.