This a good result for Redback in that they have made a new discovery in regards to the deposit which was previously unknown. "The Western Contact is confirmed as a parallel domain in the Redback system and provides a new and significant target within the Redback Project" Significantly the RC holes 12, 13 and 14 were extended to test the up dip extension of the new mineralised zone, the Western Contact, and all intersected the altered contact zone. Ultimately this is going to add ounces to RB and illustrates that there is significant potential at this prospect.
The grade was a tad lower than I hoped for however the nature of these coarse gold deposits is that the gold is not evenly dispersed but more in high grade sections, as seen in the WD deposit. That is, you could have 30gpt rock and then a metre from this low grade or barren rock. The point is that the gold at RB runs deep which is analogous to WD and hence the potential for open pit and then going underground. We need more holes through this new western contact and below the known mineralised structures to really ascertain what is going on under RB.
Exciting times ahead as we cant be too far off on drilling the Central Nickel targets, possibly the shear structure at Hilditch where we hit Nickel sulphides and then more results from RB.
Nice volume through today for MXR and some obvious interest.
MXR Price at posting:
7.7¢ Sentiment: Buy Disclosure: Held
