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Ramelius Resources has discovered significant high grade gold mineralisation with the first deeper exploration drill hole below the shallow Milky Way open pit, which is 3.6 km southwest of the Checker Gold Mill at Mt Magnet in Western Australia. The hole intersected 6 meters from 189 meters @ 11.64 grams/tonne gold, including 2 meters from 190 meters @ 33.4 grams/tonne.
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Ramelius drilled a single deep exploration drill hole below Milky Way, 80 metres down dip of an historical high grade gold intersection previously thought to have been closed off. The historical hole returned 8 metres from 100 metres @ 23.7 grams/tonne. The new high grade gold mineralization is contained within a 6 metre-wide mineralized fault zone, interpreted to be the down dip projection of the historic intersection. The entire length of the felsic porphyry being targeted in the deeper hole returned anomalous gold mineralization from 129 to 246 metres at the end of the hole using a 0.1 grams/tonne lower cut-off. Other intersections include 17 metres from 129 metres @ 0.56 grams/tonne, 7 metres from 152 metres @ 1.99 grams/tonne, 21 metres from 189 metres @ 3.62 grams/tonne and 30 metres from 215 metres @ 0.82 grams/tonne. These intersections are considered by Ramelius to be highly encouraging as they demonstrate potential for a larger tonnage mineralized porphyry target within the Mt Magnet gold camp. 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 mineralized porphyry unit was expected to commence before the end of September. Three deeper reconnaissance RC drill holes were completed at the Milky Way, Andromeda and Valhalla areas to target the strike extensive Hill 50 and Morning Star structural corridors for an aggregate of 696 metres. Beyond the Milky Way hole, only low order anomalous gold mineralization was intersected in the other holes which were also targeting felsic porphyry units. A single deeper RC hole was drilled to 360 metres to test the plunge extension of the Brown Hill banded iron mineralization below previous deeper drilling. Encouragingly, the hole intersected a 5 metre interval of sulphidic banded iron formation from 321metres. Ramelius owns the Mt Magnet gold mining and processing operation and has commenced developing the high grade Vivien and Kathleen Valley gold mines near Leinster. The Burbanks Treatment Plant is south of Coolgardie and is on care and maintenance. |
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