Red Hill Minerals Reports Positive Gold Exploration Results - 22 July 2024
RED HILL MINERALS LIMITED (RHI) Share Update July 2024 Monday 22nd
Red Hill Minerals Announces Promising Gold Exploration Results
Red Hill Minerals Limited (ASX: RHI) has announced promising results from its recent exploration drilling at the West Pilbara Gold and Base Metal Project. The results indicate significant gold mineralization across multiple targets, expanding the company's known gold resources.
Instant Summary:
- 19 drill holes for 3,815m completed at Barkley, Dereks Bore, Kens Bore, and Cochrane Gold targets.
- Significant gold intercepts include 7m at 0.5 grams per tonne gold from 125m at Barkley.
- Mineralized system at Barkley identified with a strike length of 2.5 kilometers.
- Further drilling and soil sampling planned to refine targets.
Drill Results Summary
Red Hill Minerals has continued its exploration efforts with elevated gold intercepts from multiple targets within the West Pilbara Gold and Base Metal Project. A total of 19 drill holes covering 3,815 meters were drilled at the Barkley, Dereks Bore, Kens Bore, and Cochrane Gold targets. The results from this round of drilling have been promising, with several significant gold intercepts reported.
At the Barkley target, notable results include 1m at 0.5 grams per tonne gold from 121m, and 7m at 0.5 grams per tonne gold from 125m in hole 24BKRC001. Additionally, hole 24BKRC010 returned 3m at 0.8 grams per tonne gold from 78m, including 1m at 1.3 grams per tonne gold, and 1m at 2.3 grams per tonne gold from 130m.
Target Highlights
At Kens Bore Gold, hole 24KNRC003 intersected 5m at 0.7 grams per tonne gold from 73m, including 1m at 2.0 grams per tonne gold. Meanwhile, at Dereks Bore, hole 24DBRC002 returned 2m at 1.3 grams per tonne gold from 127m, including 1m at 2.4 grams per tonne gold. At the Cochrane Gold target, hole 24CHRC001 reported 6m at 0.2 grams per tonne gold from 66m.
Drilling and soil sampling at Barkley have identified a mineralized system with an approximate strike length of 2.5 kilometers. Additional infill ultrafine fraction (UFF) soil sampling is planned to further refine the interpreted fault system ahead of further drilling.
CEO's Comments
Red Hill Minerals CEO Michael Wall commented, 'We’re pleased by these early stage exploration results, as they continue to expand the area of known mineralization. Drilling and soil sampling at Barkley has identified the targeted structure extends north and south, and the positive results from Kens Bore Gold indicate that mineralization continues under cover. Our team are already back on the ground conducting additional soil geochemistry and mapping, ahead of heritage surveys and further drilling later in 2024.'
Future Plans
The company plans to conduct further soil sampling and drilling to test the extent of gold mineralization around the identified targets. The focus will be on refining the mineralized zones and extending the known strike lengths. The results from these efforts will be crucial in determining the potential for future gold production.
The positive exploration results are likely to boost investor confidence in Red Hill Minerals. The identification of significant gold intercepts and the expansion of known mineralized zones suggest potential for increased gold resources. This could lead to a positive impact on the company's stock price as investors anticipate further successful exploration and potential future production.
Investor Reaction:
Analysts have reacted positively to the announcement, noting the potential for significant gold resources in the West Pilbara region. Investors are optimistic about the company's future exploration plans and the potential for increased gold production. Some investors have expressed interest in the company's strategy to further refine and expand the identified targets.
Conclusion:
Investors should keep a close eye on Red Hill Minerals as the company continues its exploration efforts in the West Pilbara region. The promising drill results and plans for further exploration suggest potential for significant gold resources. Investors are encouraged to monitor the company's progress and consider the potential long-term benefits of investing in Red Hill Minerals.