Announcement Date: 2023-02-20
Announcement Type: Deposit Estimation
Announcement Code: JORC
Company name: R3D Resources Ltd.
Project name: Mountain Maid
Location: Australia
Commodities: Gold
Highlight: Updated Resource Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: R3D Resources Limited (ASX: R3D) (the Company), is pleased to announce that it has commissioned Bluespoint Mining Services Pty Ltd (“BMS”) to review historical drilling data and combine the data from more recent drilling data to estimate a resource for the Mountain Maid gold project. The Mountain Maid project is interpreted as a modest grade Intrusion Related Gold System which was discovered by Cyprus Amax in 1996 with a drillhole BMD4 drilling 275 m at 0.3 g/t Au from surface including 32 m at 0.84 g/t Au from 8 m depth. More recently Axiom Mining conducted extensive drilling between 2008 and 2012 and with earlier drilling, the deposit has been tested by almost 15 km of drilling. R3D believes the Mountain Maid deposit has similarities with the Kidston Mine including sheeted quartz vein and quartz tourmaline breccias. Mountain Maid remains open in several directions, particularly the most southerly section where intersections from drilling such as 19 m at 1.30 g/t Au from 34 m depth (MMR050) remain open. R3D has also modelled the east dipping higher-grade quartz monzonite intrusive which appears to be a mineralising conduit as the gold grades are lower in the surrounding Nundah granodiorite host rock. This quartz monzonite has the potential to coalesce at depth with higher grades but has not been tested.
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