- Rex Minerals (RXM) reports recent reverse circulation drilling at its Hog Ranch in Nevada has found a new gold intersection
- The discovery occurred around 250 metres south of the Airport Project within Hog Ranch, with the intersection running for 114 metres
- The intersection remains open in all directions and includes 36.6 metres at 1.4 grams per tonne of gold (g/t) from 143.3 metres
- RXM has also drilled at Bells and says results show the gold position is underneath the hyperspectral anomaly which is further south from where it drilled
- Rex Minerals shares are trading down 1.32 per cent at 37.5 cents each at 3:30 pm AEST
Rex Minerals (RXM) reports recent reverse circulation drilling at its Hog Ranch Property in Nevada found a new gold intersection.
The discovery was made around 250 metres south of the Airport Project area, which is located within Hog Ranch.
RXM said the new intersection ran for 114 metres at 0.64 grams of gold per tonne (g/t), including 36.6 metres at 1.4g/t gold from 143.3 metres.
The new discovery remains open in all directions and CEO and Managing Director Richard Laufmann said it was an exciting find.
“The exciting aspect of this latest set of assays is what amounts to a new discovery hole, with a 114m intersection,” Mr Laufmann said.
“Clearly, the gold footprint at Hog Ranch is very large and the thickness of these intersections represents a very large volume of mineralisation.”
The company targeted the new intersection using 3D Induced Polarisation (IP) data and Mr Laufmann said RXM planned to use the tool again for future discoveries.
“This successful new test, based on IP data, supports our view that 3D IP can be – and is – a very useful and predictive tool for targeting future discovery,” Mr Laufmann said.
Other results from the recent drilling include 111.3 metres at 0.83g/t gold from 7.6 metres, including 13.7 metres at 2.27g/t gold from 18.3 metres at Airport.
Drilling at the Bells Project area in Hog Ranch found 105.16 metres at 0.55g/t gold from 18.29 metres, including 13.72 metres at 1.77g/t gold from 70.10 metres.
RXM said the results from Bells were interpreted to be leading into the gold position underneath the hyperspectral anomaly, which appears to be further south than where RXM drilled.
Following today’s update, shares in Rex Minerals were trading down 1.32 per cent at 37.5 cents each at 3:30 pm AEST.