Rex Minerals (ASX:RXM) has received the final outstanding assay results from the company’s Bells Project in Nevada USA.
The additional drilling data is currently being modelled to produce an updated JORC compliant Mineral Resource estimate for Hog Ranch.
The new assay results from drilling at Bells have intersected significant shallow gold mineralisation in addition to confirming the continuation of a large controlling (feeder) structure extending underneath the existing Mineral Resource.
Significant recent drilling intercepts at Bells include:33.5m (~29m true width) @ 1.29g/t gold from surface; and 24.4m (~21m true width) @ 0.72g/t gold from surface.
Managing Director, Richard Laufmann, said results at Bells will support further conversion of Inferred Mineral Resource into Indicated Mineral Resource
A revised and increased JORC Mineral Resource estimate is expected later this month
Mr Laufmann said there is further resource expansion potential, with the gold resource remaining openand drilling targets are now being designed for 2021,
The published Scoping Study at Bellsis looking better every day and 1.29g/t over 30m, from surface, is a great result, ”Mr Laufmann said.
“With the economic cut-off grade at Bells as low as 0.15g/t gold, this program at both Bells and Krista is demonstrating the sheer scale of the oxide mineralisation at Hog Ranch. On every measure, the significance of Hog Ranch is exceeding what we originally defined and assumed.”
Rex completed an additional three holes at Bells aimed at identifying the extensions of a mineralised structure which appears to have an important influence on the gold mineralisation at Bells. Rex interprets this structure to be a feeder structure to the shallow disseminated gold mineralisation which could potentially lead to a high-grade gold position at greater depths. This interpretation is common to many known epithermal gold deposits similar to Bells in and around Nevada and globally.
The drilling at Bells all passed through the known shallow disseminated gold mineralisation, the results for which were largely in line with the historical drilling results.
Two out of the three holes intersected and effectively tested the extensions to the interpreted structure, with elevated gold results received on this structure. The confirmation of the structure and gold mineralisation along this structure was a positive outcome with increased confidence now that a higher- grade section is likely to occur at further depths along this structure at Bells