Ramelius Resources (ASX:RMS) has begun an underground diamond drilling program for 13,000m at the Penny Gold Mine in Western Australia.
The company has already observed finely disseminated visible gold particles less than 0.5mm in early drilling outside the southern boundary of the Penny North mine plan.
Assay results are expected in late May 2023.
Meanwhile, the company says its final ore haulage approvals were received yesterday (11 May 2023). A haulage schedule has been established to target zero ‘high-grade’ stocks at the mine by the end of June 2023, which allows for the current stockpile as well as mine production during the quarter.
Ramelius Resources Managing Director Mark Zeptner says: “It is pleasing to have finally obtained the full ore haulage approvals for our high-grade Penny mine, which should see us clear the site stockpiles and mine productions, in what promises to be our best quarter for the financial year.
“The likelihood of adding significantly to our cash and gold balance by June 30 is something that we very much look forward to following a period of re-investment”
The likelihood of adding significantly to our cash and gold balance by June 30 is something that we very much look forward to following a period of re-investment.”
Additionally, the company reports an updated Mineral Resource Estimate (MRE) for Bartus is expected to be completed using a 30 June 2023 cut-off date for data input, whilst drilling will be continuing.
The current MRE for the Bartus Group is 4.2 million tonnes (Mt) @ 1.70 grams per tonne (g/t) Au from 230,000 ounces, including a ‘higher grade’ component below 250mRL at Bartus East, comprising 2.3Mt @ 2.1g/t Au from 150,000 ounces.
Ramelius Resources owns and operates the Mt Magnet, Edna May, Marda, Tampia, and Penny Gold mines, all of which are located in Western Australia. The company has a $1.2 billion market cap.
Images: Ramelius Resources Ltd
