Rubianna completes Ruby Well estimation

THE BOURSE WHISPERER: Rubianna Resources has completed Mineral Resource estimates for the Ruby Well project, situated within the company’s 100 per cent-owned Murchison tenements, northeast of Meekatharra, Western Australia.

Each of the resources is JORC code-compliant and classified as an Inferred Mineral Resource.

The estimates comprise:

–    Bloodstone prospect: 140,000 tonnes at 2.7 grams per tonne gold for approximately 12,000 ounces;

–    Golden Hope prospect: 86,000t at 2.1g/t gold for approximately 5,600 ounces; and

–    Ruby Anna prospect: 50,000t at 1.6g/t gold for approximately 2,400 ounces.

 


Location map for the Ruby Well project showing the multiple prospects. Source: Company announcement

Rubianna explained the Bloodstone resource is currently defined to approximately 80 metres below surface, while the Golden Hope and Ruby Anna resources are defined to approximately 60 metres below surface, with all remaining open at depth and down plunge.

“The initial resource estimates may be modest, but they all remain open at depth and down plunge,” Rubianna’s Resources managing director Dr Steve Batty said in the company’s announcement to the Australian Securities Exchange.

“In addition the area provides plenty of potential to add additional ounces to the resource inventory, especially the Ruby Anna East prospect, where recent drilling intersected 4 metres at 36 grams per tonne gold from 56 metres, which remains open at depth.

“The significant factors that all these deposits have in common are; that they are shallow (from surface); have a high-grade component; occur on an existing Mining Lease; and are as close as 500m from the Great Northern Highway.

“We are currently assessing our options to exploit these resources to generate the maximum return for the company.”

Batty outlined the company’s short-term objective is to monetise its gold assets so it will be able to self-fund future exploration program.

These will focus on extending existing resources, advancing the company’s copper-gold and base-metal prospects while making in-roads with exploration activities over its tenement holding in WA.
 
An initial scoping level pit optimisation study is currently underway for each prospect, with results expected to be announced early next week.