THE INSIDE STORY: Rex Minerals’ (ASX: RXM) exploration aspirations cover the search for copper in Australia and gold in the United States of America.
Rex Minerals’ Hillside copper project is located on the Yorke Peninsula, South Australia.
The JORC Code 2012-complaint Mineral Resource estimate for the Hillside project consists 337 million tonnes at 0.6 per cent copper and 0.14 grams per tonne gold, equating to approximately 2 million tonnes (4.3 billion pounds) of copper, 1.4 million ounces of gold.
Of the 2 million tonnes of contained copper classified as a Mineral Resource, approximately 65 per cent has been classified as Measured and Indicated Resources.
The Mineral Resource remains open at depth and towards the north and south.
The company claims the Mineral Resource for the Hillside project to be one of Australia’s largest open pit copper Mineral Resources.
In August 2019, Rex Minerals completed the acquisition of Hog Ranch Group Pty Ltd giving it ownership of the Hog Ranch gold project in Nevada, USA.
The company wasted little time in announcing an Inferred Mineral Resource at Hog Ranch of 44 million tonnes at 0.6 grams per tonne gold for 0.83 million ounces of gold.
The Resource was based on a large historical drilling database containing a total of 2,678 drill holes, a large percentage of which was completed by Western Mining Corporation (WMC) that operated an open pit and heap leach operation there from 1988 through to 1991.
“The acquisition of Hog Ranch and the rapid delivery of a maiden Mineral Resource of over 800,000 ounces of gold (the documentation and reporting of which has been independently peer reviewed by Peter Stoker of AMC Consultants Pty Ltd), demonstrates how positively we view Hog Ranch and its potential,” Rex Minerals managing director Richard Laufmann said when announcing the Resource.
“Hog Ranch offers Rex investors immediate exposure to the gold sector in one of the world’s most well‐ endowed gold regions.
“Nevada is a proven destination for successful gold exploration, discovery and production.
“The current database of 2,678 drill holes, which is included within the Mineral Resource estimate, has a total combined length of over 200,000 metres.
“At replacement, this drill data base alone would cost over $30 million.”
The Inferred Mineral Resource is based on large shallow disseminated gold mineralisation that exists from surface at Hog Ranch and extends to 175 metres below surface as well as on the historic database.
Outside of the Inferred Mineral Resource, Rex has defined a broad alteration system that stretches for over 20 square kilometres, which the company considers to highlight the potential scale and opportunity at Hog Ranch.
Deeper high-grade vein hosted gold targets at Hog Ranch that were intersected by earlier explorers remain untested.