Ramelius Resources Limited (ASX:RMS) reports that significant gold mineralisation continues to be intersected at the Penny Project in Western Australia whilst the company advances its Pre-Feasibility Study on the recently acquired Project.
Managing Director, Mark Zeptner, said that encouragingly, shallow oxide and bedrock gold mineralisation has also been returned from infill drilling at Magenta, located 1.8km north of the Penny North Deposit.
Elsewhere, at the Mount Magnet project, the Eridanus prospect continues to deliver very robust thicknesses of mineralised granodiorite below the designed Stage 2 pit cutback.
Mr Zeptner said the company has consequently initiated an underground bulk mining Scoping Study, with the aim of monetising the deposit below the planned open pit.
Exploration around the company’s Edna May project has also proved encouraging with the discovery through reconnaissance Aircore drilling of a new drill target located 2.5km north of the Symes’ Find Resource. Symes’ Find is accessible via sealed roads and is located 120km southeast from Edna May and 80km south of the Moorine Rock township in Western Australia.
Mr Zeptner said further step-out drilling is scheduled to re-commence throughout the company’s portfolio of targets in the WA wheatbelt once the winter grain crops have been harvested around mid-December this year.
The latest exploration drilling results at Penny are further testament to the Project’s potential to deliver additional resources and reserves for the company,” Mr Zeptner said.
Beyond Penny, we are buoyed by new drill results at Mount Magnet and along the Westonia/Holleton and Tampia greenstone belts. These should aid in further consolidating Mount Magnet and Edna May as significant long-term production centres for the company.”
Ramelius owns and operates the Mt Magnet, Edna May, Vivien and Marda gold mines, all in Western Australia.
Ore from the high-grade Vivien underground mine, located near Leinster, is trucked to the Mt Magnet processing plant where it is blended with ore from both underground and open pit sources.
Subject to the outcome of the Prefeasibility Study at the high-grade Penny Gold Project, ore from this site is also expected to be hauled to Mt Magnet for processing.
The Edna May operation is currently processing satellite open pit ore from Marda to supplement open pit (Greenfinch) and underground ore from Edna May. Additional ore feed is planned from the Tampia open pit project.