Redhill Resources (CVE:RHR) said Friday that Mutiny Gold (ASX:MYG), the operator and optionee of Redhill's wholly-owned Gullewa Copper-Gold Project, encountered significant new high-grade gold intersections at the West Lode of their Deflector Gold Deposit in Australia.
Investors cheered the news, with Redhill stock up 8% at $0.065 on the TSX-Venture Exchange late Friday morning.
Mutiny said notable intersections include 3.6 metres at 153 grams per tonne (g/t) gold (Au) and 13.3% copper (Cu) from 145 metres in 11DD1A; 3 metres at 47.6 g/t Au and 1.5% Cu from 249 metres in 11DD15 and 3 metres at 22.8g/t Au and 1.2% Cu from 282 metres in 11DD17.
The latest results from Mutiny's recently completed 30-hole diamond drilling program will be incorporated into the revised resource estimate, which is expected to be released in the coming weeks, Redhill said.
Mutiny also said that it has resolved to make the next $2 million installment to move to a 70% interest in the Gullewa Gold Project with payment due by Oct 31.
The 550 square kilometre Gullewa Project is located 450 kilometres north of Perth, in the Yalgoo mineral fields of Western Australia. Gullewa hosts several gold deposits of various size and grade, the most significant being the Deflector gold-copper deposit.
Mining infrastructure assets at the Gullewa Project include a 800 tonne per day CIL plant, a licensed tailings disposal facility, a 50-person camp, offices, and workshops.
In addition to Gullewa, Redhill is actively exploring three gold prospects in the historic Gold Producing Gasgoyne region of Western Australia: the Cobra, McCarthy and Mt. Phillips prospects and also has two rare-earth projects at the Honey Comb Hills Beryllium prospect in Utah and the Morgan rare-earth prospect in British Columbia.
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