Ramelius hits new high-grade gold at Mt Magnet

THE DRILL SERGEANT: Ramelius Resources (ASX:RMS) has intersected further high-grade gold mineralisation while conducting new drilling below historic open pit areas at the company’s wholly-owned producing Mt Magnet gold mine in Western Australia.

Results received to date from reverse circulation (RC) drilling under the Water Tank Hill pit, include:

–    14 metres at 5.56 grams per tonne gold from 202 metres, including 5 metres at 13.3 grams per tonne gold;

–    11m at 10.85g/t gold from 254m, including 5m at 21.17g/t gold;

–    12m at 12.14g/t gold from 240m, including 5m at 24.06g/t gold; and

–    11m at 5.39g/t gold from 265m, including 6m at 8.29g/t gold.

Ramelius has received assay results for the first four confirmatory holes from an ongoing nine hole RC drilling program being undertaken below the Water Tank Hill pit, located south-southeast of the company’s Checkers Mill at Mt Magnet and west of the historical St George underground mine portal.

“Gold mineralisation at Water Tank Hill is associated with brecciated and sulphidic banded iron formation (BIF) sequences,” Ramelius explained 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 Hill 50 underground mine.”

Two of the drill holes were completed to test below the historical underground workings (mined to 136m below surface) to confirm the dip continuity of high-grade mineralisation at depth.

 

Longitudinal section looking east, highlighting the recent
high-grade Intersections within the southern shoot (yellow boxes).
Source: Company announcement

 

Ramelius said assay results received to date, from these holes confirm the continuity at depth of Water Tank Hill’s shallower high grade gold mineralisation.

The two other holes were drilled to test the near surface limits of historical underground stoping associated with the northern Water Tank Hill shoot.

Drilling was designed to confirm historical intersection up to 9m at 10.4g/t gold.

Ramelius said it had been encouraged by these holes as no voids or backfill were encountered.

Assay results for these holes are still to arrive back from the chemist.

The company said further drilling will be planned once all results from the current program have been received.

The Mt Magnet mine continues to build towards full production which is on target to be achieved in December this year at a rate of approximately 20,000 ounces of gold per quarter.