Ramelius hopeful on Golden Orb prospect
Monday, 7 July 2008 -- MINING NEWS --
RAMELIUS Resources has found more gold around its Wattle Dam Gold Mine at the Golden Orb prospect.
Ramelius, which has previously intersected massive hits at Wattle Dam in the kg-per-tonne range, said reverse circulation drilling at Wattle Dam identified similar mineralisation some 600m south of the mine.
Better hits from the program included 7m 10.8 grams per tonne gold from 117m, including 2m at 27gpt gold, and 4m at 6.9gpt gold from 103m.
The company said the new gold zone was open to the north, south, and down-dip.
Further drilling will start at Golden Orb next month, including diamond drilling to follow up the RC results.
Ramelius expects to produce more than 67,000oz from new development at Wattle Dam in 2008-2009, at an estimated cost of $A360 per ounce.
The company said on Friday it believed Golden Orb could add a low-cost, high-grade gold operation to the existing development at Wattle Dam.
The project has only a modest resource of 540,000 at 4.8 grams per tonne gold for 83,200oz contained gold last year, with Ramelius saying it was sufficient to support imminent profitable underground mining.
The company is planning a resource review after this year’s drilling program is completed.
Shares in Ramelius were last trading at 81c after a 2c jump on Friday.
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