Mining and Exploration company, Ramelius Resources Limited (ASX: RMS) has provided an update on the Stellar high-grade drilling today (21 January 2019). In the update, the company has announced the results for infill drilling which was targeting the high-grade gold intersections reported from the Stellar open pit, at its Mt Magnet operation in Western Australia. After providing the update, the share price of the company uplifted by 3.061 percent as on 21 January 2019.
The company has completed the New close-spaced RC infill drilling from the open pit floor which was undertaken to test the mineralization within and immediately below the current pit design.
The infill drilling has reported various high-grade intercepts which include -
- 34m at 10.7 grams per tonne from 22m, including 17m at 17.9 7 grams per tonne from 39m in GXMM027921.
- 34m at 25.3 grams per tonne from 8m, including 10m at 79.9 7 grams per tonne from 32m in GXMM027927.
- 12m at 42.7 grams per tonne from 17m in GXMM027930.
- 18m at 38.2 grams per tonne from 16m, including 7m at 96.2 7 grams per tonne from 25m in GXMM027931.
- 18m at 25.7 grams per tonne from 34m, including 7m at 38.1 7 grams per tonne from 34m in GXMM027941.
- 24m at 15.3 grams per tonne from 29m in GXMM027942.
Earlier the company has informed that the grade control infill drilling is demonstrating two super high-grade intercepts (more than 200 grams per tonne Gold) relating to a separate, limited extent, high-grade quartz veins. As per the announcement, the infill results have been promising, with numerous high-grade hits occurring within a moderately mineralized 10-20m wide lode zone.
Results closest (5m or less) to the previous super high-grade intercepts, include 10m @ 79.9 grams per tonne (GXMM027927) and 7m @ 38.1 grams per tonne (GXMM027941), next to GXMM027555, and 7m @ 96.2 grams per tonne (GXMM027931) adjacent to GXMM027554. As per the announcement, the grade is appearing to increase toward the ultramafic contact which sits below the pit. True widths of individual intercepts are variable due to the steep holes and stockwork vein style and generally 20- 40 percent of reported intervals.
The company is planning a deeper exploration of the Stellar mineralization which will be done using surface drilling to the south of the pit. The company is progressing with Interpretation and modelling of the drilling. Further, the company is expecting that the Interpretation and modelling of the drilling will extend the comparatively high-grade resource both within the remaining, and below, the current Stellar pit design. Interpretation and modelling results will be included in the December 2018 Quarterly report which is soon going to be released in January 2019.
Today the company also announced that it has increased its voting power in Explaurum Limited. Earlier the company was having 78.61% voting power in Explaurum Limited, which has now increased to 80.41%. The company has increased its interest in the Explaurum Limited by holding 400,618,721 votes in Explaurum.
Meanwhile, in the last six months, the share price of the company decreased by 10.09 percent as on 18 January 2019. RMS’s shares traded at $0.505 with a market capitalization of circa $278.4 million as on 21 January 2019 (AEST 2:06 PM).