Redcastle Resources Unveils High-Grade Gold Intersections at Queen Alexandra
RC1 (RC1) Share Update July 2024 Tuesday 9th
Redcastle Resources Discovers High-Grade Gold at Queen Alexandra
Redcastle Resources Limited (ASX: RC1) has announced promising results from its ongoing diamond drilling program at the Queen Alexandra Redcastle Project. The company has encountered high-grade gold mineralization, confirming the potential for significant gold deposits.
Instant Summary:
- High-grade mineralization zone of 3.7m at 37.5 g/t gold, including 0.95m at 133 g/t gold.
- Strike length confirmed to be at least 200m and open at depth and to the south-east.
- Visible free gold observed in three drill holes: QA24D001, QA24D002, and RRC151.
- Results consistent with the Indicated and Inferred oxide model used in the Queen Alexandra JORC MRE.
- Ongoing diamond drilling program with further sampling and assaying to follow.
Exploration Update
Redcastle Resources Limited has provided an update on its exploration drilling at the Queen Alexandra Redcastle Project. The company has completed several drill holes, including QA24D001, QA24D002, and QA24D003, and has commenced drilling QA24D005.
The standout result comes from drill hole QA24D002, which intersected a high-grade mineralization zone of 3.7 meters at 37.5 grams per tonne (g/t) gold, including a remarkable 0.95 meters at 133 g/t gold. This discovery was made at a depth of 166.4 meters to 170.12 meters, with visible gold observed on the core surface and cut sample faces.
Geological Insights
The strike length of the mineralization has been confirmed to be at least 200 meters and remains open at depth and to the south-east. Visible free gold has now been observed in three drill holes: QA24D001, QA24D002, and the earlier RRC151. These results confirm the presence of a north-dipping oxide structure consistent with the Indicated and Inferred oxide model used in the Queen Alexandra JORC Mineral Resource Estimate (MRE).
Diamond drilling is ongoing, with further selective sampling of diamond holes to be completed. Core cutting is currently underway, and assaying will follow. The drilling program aims to provide more structural geological information and confirm the presence of high-grade plunging shoots.
Management Comments
Despite challenging weather conditions, the drilling has progressed successfully. The Board of Redcastle Resources Ltd stated, 'The decision to proceed with deeper diamond drilling has been justified with structural geological information now being available for analysis and with visible gold intercepted at depth confirming the presence of high-grade plunging shoots. The results to date also appear to support the prognosis of increasing grade with depth, notwithstanding the nugget effect evident in the variability of the intercepts.'
Assay Results
Notable assay results include:
- QA24D001: 1.9 meters at 4.06 g/t gold from 30.70 meters to 32.60 meters, including 1.3 meters at 5.16 g/t gold.
- QA24D002: 3.7 meters at 37.5 g/t gold from 166.4 meters to 170.1 meters, including 0.9 meters at 133 g/t gold.
- QA24D003: 2.1 meters at 1.81 g/t gold from 131 meters to 133.1 meters.
The discovery of high-grade gold at the Queen Alexandra project is a significant milestone for Redcastle Resources. This finding is likely to boost investor confidence and positively impact the company's stock price. The confirmation of a substantial strike length and the presence of visible gold in multiple drill holes suggest a promising future for the project.
Investor Reaction:
Analysts and investors have reacted positively to the news, highlighting the potential for substantial gold deposits at the Queen Alexandra project. The high-grade intersections and the ongoing drilling program are seen as strong indicators of the project's viability.
Conclusion:
Investors should keep a close eye on Redcastle Resources as the company continues its exploration efforts at the Queen Alexandra project. The promising results and ongoing drilling program suggest significant potential for high-grade gold deposits. Investors are encouraged to monitor further updates and consider the long-term prospects of the project.