Ram Resources (ASX: RMR) reminded the market today in an update that the company has a very strategically well placed gold tenement in Western Australia, which is wholly owned and known as Triangle Dome.
Although the tenement is in its exploration infancy, they could not be better placed being just over 20 kilometres east of Newcrest Mining's (ASX: NCM) massive Telfer mine.
Where the excitement starts for Ram is the nearby neighbour of Telfer is forecast to produce 621,000 gold ounces in financial year 2011, with Newcrest already indicating a A$20 million plus exploration budget at the site for financial year 2012.
Telfer is reported to contain reserves of around 13.2 million gold ounces and 510,000 tonnes of contained copper.
Therefore any sniff of exploration success by Ram will no doubt boost the investor interest in the stock.
Ram will kick off exploration at the tenements by mapping to validate the structural theory, along with the re-logging of some historical holes drilled by Newcrest.
Depending on the results, Ram can then move to drill testing in later months.
A review of past work has flagged an alternate structural model for gold mineralisation – which offers new and potentially untested gold targets.
Ram said that results of historical drilling around the dome structure are considered most encouraging and demonstrate the presence of a gold mineralising system.
Narrow high-grade intercepts are present in historical, include 2 metres at 10.6 grams per tonne (g/t) from 10 metres, 4 metres at 9.2g/t from 92 metres, and 4 metres at 4.6g/t.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/19913/ram-resources-eyes-gold-prize-with-exploration-near-the-massive-telfer-mine-19913.html
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