I read the 43101 report on the nearby Macraes deposits, which are on a similar style shear zone that also dips gently and is hosted by similar rocks to RAS. IP did highlight gold mineralisation at Macraes but it wasn’t very good at distinguishing between sub economic grade and high grade mineralisation and since effectively the whole shear zone at Macraes is somewhat mineralised, it didn’t help much.
SMI have much coarser gold so the deposit is not the same as Macraes and IP might be worth a try. They should do an orientation IP line across RAS first to see if can pick high grade mineralisation there, then roll out across the whole zone if successful.
I suspect that they need to find a cheaper and faster way to scout drill the whole zone. Perhaps percussion drilling on a grid patter then follow up with diamond drilling when the assays are favourable.
I’m not worried about patchy or low grades at this point. Macraes is a low grade deposit and is refractory as well and still got developed and made lots of money. RAS is probably not refractory and looks pretty good to me at this very early stage.
SMI Price at posting:
34.0¢ Sentiment: Buy Disclosure: Held
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