Redcastle Resources (ASX:RC1) is planning to investigate further ‘high priority’ gold targets within its Queen Alexandra deposit, as part of its namesake gold project in Western Australia.
An upcoming diamond drilling program will take place between Q1 to Q2 2024 to investigate the geometry of the ‘high-grade’ shoots at depth and the possibility of additional stacked shoots.
The company says the projected Queen Alexandra interpreted mineralisation corridor requires further investigation to uncover additional mineralisation, elsewhere within the corridor and under cover.
Redcastle’s board says: “The objective of the planned program of diamond drilling is to confirm the current interpreted mineralisation orientations and to increase the definition, understanding, and extent of the deeper high-grade mineralisation.
It will also determine the strategy to be adopted for exploitation of the Queen Alexandra Mineral Resource Estimate (MRE) going forward.
As a result of the improved understanding of the Redcastle Project, other targets, as identified by our geological consultants, will be followed up by further surface exploration work to be carried out over the coming months.”
The company also announced yesterday (20 February 2024) a maiden MRE was established at Queen Alexandra, with a total of 107,800 tonnes @ 3.06 grams per tonne gold containing 10,600 ounces of gold using 1 gram per tonne cut-off grade.
Redcastle says previously conducted reverse circulation drilling had established the MRE at Queen Alexandra, while close spaced drilling into the upper 50m supports the interpretation of stacked lodes, dipping to the north and plunging to the south-east, which is open in both directors and results in ‘thicker’ than expected intersections.
Redcastle Resources is a mineral explorer focused on its namesake project that sits 58km east-southeast of the Gwalia Gold Mine near Leonora and covers a 1,088 hectare area.
As of 31 December 2023, the company had $1.426 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Redcastle
