Ramelius Resources Limited (ASX: RMS) – $0.135 (+23%)
19 Jan 2015
Ramelius Resources Limited (ASX: RMS) has a maiden Ore Reserve, an updated Mineral Resource and infill reverse circulation drilling results for its Kathleen Valley Gold Project located 50km north of Leinster in Western Australia (Figure 1).
Figure 1. Location of the Kathleen Valley Gold Project
Total Ore Reserves (A$1,400/oz gold price) are estimated at 418,000t at 4.1g/t Au for 56,000 contained ounces.
Total Mineral Resources have increased by 24% to an estimated 1,814,000t at 2.8g/t Au for 163,000 contained ounces.
Highlights from the infill reverse circulation drilling include:
- 10 metres at 6.1g/t Au from 8 metres
- 9 metres at 4.4g/t Au from 0 metres
- 7 metres at 5.1g/t Au from 9 metres
- 10 metres at 15.7g/t Au from 32 metres
A total of twenty-eight drillholes were completed at the Kathleen Valley Gold Project in November 2014, targeting core areas and aimed at improving resource confidence.
Drilling confirmed previous resources and upgraded some resource areas. The resource block model was recently updated and open pit mine design work is also completed.
A Mining Proposal has been submitted to the Department of Mines and Petroleum. Subject to regulatory and Board approvals, the company anticipates being in a position to commence an open pit mining operation in the June 2015 quarter.
For further information, visit www.rameliusresources.com.au
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