Ramelius hits further gold at Mt Magnet

/in /by

THE DRILL SERGEANT: Ramelius Resources (ASX: RMS) has received the results of drilling recently completed at the company’s 100 per cent-owned Mt Magnet gold mine, located in the Murchison Province of Western Australia.

The company said the new results have confirmed and enhanced results it had previously received from the project, with significant width and grade intersected in the majority of holes drilled to date at Water Tank Hill.

 

Longitudinal section looking east, highlighting the recent high
grade intersections within the Northern and Southern Shoots. New
intercepts shown in yellow. Red contour highlights the >30 gram x
downhole metre (Metal Factor) exploration target being tested. NSR
denotes no significant result. Source: Company announcement

 

Final assay results for the nine hole reverse circulation (RC) drilling program conducted below the Water Tank Hill pit, located four kilometres south-southeast of the company’s Checkers Mill at Mt Magnet include:

–    18 metres at 4.66 grams per tonne gold from 153 metres, including 8 metres at 7.69 grams per tonne gold;

–    14m at 12.84g/t gold from 197m, including 10m at 16.66g/t gold;

–     12m at 5.11g/t gold from 154m, including 2m at 22.35g/t gold;

–    16m at 11.27g/t gold from 170m, including 7m at 22.39g/t gold;

–    5m at 6.29g/t gold from 241m, including 1m at 20.20g/t gold; and

–    13m at 4.05g/t gold from 67m, including 2m at 17.52g/t gold.

“Gold mineralisation at Water Tank Hill is associated with brecciated and sulphidic banded iron formation (BIF) sequences,” Ramelius Resources said in its ASX announcement.

“The gold mineralisation occupies a series of subvertical, high grade, plunging shoots similar to the gold mineralised system at the historical plus 2 million ounce Hill 50 underground mine.

“Encouragingly these results demonstrate good dip continuity to high grade mineralisation developed below the targeted main lode position.”

Ramelius said it will now execute a follow-up and infill drilling program at Water Tank Hill designed to delineate a resource for economic assessment.