R3D Resources (ASX:R3D) has commissioned Bluespoint Mining Services to estimate an updated Mineral Resource Estimate (MRE) through a combination of historical and recent drilling data for the Mountain Maid gold Project.
The company says Mountain Maid is interpreted as a modest grade intrusion related gold system discovered by Cyprus Amax Minerals in 1996 with a current inferred MRE of 415,000 ounce @ 0.34g/t gold (Au) cut-off grade, including an oxidised zone of 37,300oz @ 0.35g/t Au at or near surface.
Adding on, R3D Resources notes it believes that the Mountain Maid deposit shares similarities with the Kidston Mine and remains open in several directions, particularly the most southerly section where intersections from drilling such as 19m @ 1.30g/t Au from 34m depth (MMR050) remain open.
The company also notes it has identified ‘higher grade’ zones within a quartz monzonite intrusion, which creates new exploration opportunities for the company.
In addition, R3D Resources reports it has applied for the mining lease in order to develop the resource with the application having advanced to the native tidal negotiation stage.
Commenting on the resource upgrade, R3D Resources Managing Director Stephen Bartrop says: “The Mountain Maid resource is a large gold system which is evident from this initial resource announcement. This resource is the first step in both scoping out future mining options (low strip ratio, simple mineralogy, heap leach options) as well as evidence of our increasing understanding of the mineralisation.
“This resource is the first step in both scoping out future mining options (low strip ratio, simple mineralogy, heap leach options) as well as evidence of our increasing understanding of the mineralisation”
We have now identified higher grade domains with individual 1m grades up to +5g/t Au but with typical grades are in the 0.5 to 1.0g/t Au range and these domains require further drilling to follow these zones down dip and along strike.”
R3D Resources is an ASX-listed copper, gold, silver, and zinc exploration and development company operating in the Chillagoe Region of Far North Queensland.
Images: R3D Resources Ltd
