Resolute Mining (ASX:RSG) has intersected high-grade gold mineralisation at its Welcome Breccia prospect, 40km north-west of the company's Ravenswood gold mine in North Queensland, Australia.
The highlight of the first pass three hole diamond drill program was an intercept of 113m @ 7.70g/t Au from 316m, including 19m @ 31.30g/t Au from 403m in the third and deepest hole (WED003).
Other significant results included 18m @ 3.92g/tAu from 215m and 19m@4.52g/tAu from 359m in WED001.
“This is a significant discovery for our Ravenswood Operation and we look forward to the results from further drilling,” commented Resolute’s CEO, Peter Sullivan.
Welcome Breccia is located within the Welcome Mining Lease which forms part of a Joint Venture with local company Denjim Pty Ltd. Resolute has the right to earn an initial 80% interest by spending A$1M over a 24 month period.
The prospect was previously mined as a shallow open pit to a depth of 25m. On recognition of the geochemical and geophysical similarities to Resolute's 100% owned Mt Wright deposit, exploration to test for depth extensions atWelcome was initiated.
Gold mineralisation at Welcome is focused in and around a vertical granodiorite breccia pipe. In both WED001 and WED002 the mineralisation intercepted is associated with steeply dipping concentric quartz vein arrays surrounding a lower grade breccia.
WED003 intercepted the peripheral quartz vein array at around 300m below surface, which continued into the breccia system resulting in exceptionally high grade gold mineralisation.
The current results indicate that the width and grade of gold mineralisation is increasing with depth.
The mineralisation appears to be plunging steeply to the northeast into a magnetic low and remains open at depth.
The company said further diamond drilling is planned to test for additional high grade mineralisation below WED003 as well as defining the overall dimensions of the deposit, whilst deep IP is being planned to test for additional sulphide bearing breccia pipes in the immediate region.
http://www.proactiveinvestors.com.au/companies/news/6464/resolute-mining-discovers-high-grade-gold-at-ravenswood-mine-6464.html
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