Ramelius Resources claims new Mt Magnet gold discovery

THE DRILL SERGEANT: Ramelius Resources (ASX: RMS) has claimed discovery of high-grade gold mineralisation while drilling its first deeper exploration drill hole below the company’s Milky Way open pit, located southwest of the Checker gold mill at Mt Magnet in Western Australia.

Ramelius drilled a single deep exploration drill hole below Milky Way, down dip of a historical high-grade gold intersection (MWP0123: 8m at 23.7g/t gold from 100m) previously thought to have been closed off.

The new drill hole carried out by Ramelius (GXRC1328 – using a 0.5 g/t Au lower cut) intersected:

6 metres at 11.64 grams per tonne gold from 189m, including 2m at 33.4g/t gold from 190m.

Ramelius explained the new high-grade gold mineralisation to be contained within a six metre-wide mineralised fault zone, which it has interpreted to be the down dip projection of the intersection reported in MWP0123.

“The entire length of the felsic porphyry being targeted in GXRC1328 returned anomalous gold mineralisation from 129 metres to 246 metres, end of hole (using a 0.1g/t gold lower cut),” Ramelius Resources said in its ASX announcement.

Broader anomalous intervals included:

17m at 0.56g/t gold from 129m;

7m at 1.99g/t gold from 152m;

21m at 3.62g/t gold from 189m; and

30m at 0.82g/t gold from 215m.

“These intersections are considered highly encouraging as they demonstrate potential for a larger tonnage mineralised porphyry target within the company’s Mt Magnet gold camp,” the company continued.

“Gold mineralisation remains open in all directions.

“Step out drilling to test the dip and strike continuity of the high-grade fault zone and the broader mineralised porphyry unit will commence before the end of the month.”

Email: info@rameliusresources.com.au

Website: www.rameliusresources.com.au