Rubianna Resources (ASX:RRE) has initiated a process to formally...

Rubianna Resources (ASX:RRE) has initiated a process to formally seek expressions of interest for the joint venture or potential sale of certain projects.

It added that following its board restructure, about $450,000 in annual costs have been stripped from the annual cash burn.

This included the rationalisation of the Company’s tenement holding.

The process to seek expressions of interest is part of a strategic review of all of its projects.

During the June 2014 quarter, the company completed a placement of 17 million shares to raise $170,000 and undertook a non-renounceable rights issue that raised approximately $543,000.

Projects

Rubianna’s Ruby Well & North Ruby Well gold projects in Western Australia have total resources of 229,000 tonnes at 2.9 grams per tonne gold for about 21,300 ounces of contained gold.

Recent drilling has extended the Ruby Anna East prospect at depth while gold intercepts identify high-grade potential at depth at Harder-to-Find prospect.

The mineralisation also confirms a new mineralised trend at the Georges prospect with quartz veining intersected in all 63 holes drilled

Drill results from recent drilling include:

-    9 metres at2.87g/t gold from 126 metres;
-    2 metres at 9.95g/t gold from 140 metres including 1 metre at 17.76g/t gold from 141 metres; and
-    3 metres at 9.35g/t gold from 72 metres including 1 metre at 24.93g/t gold from 73 metres.

Its Killara & Diamond Well copper, gold and base metal projects have a similar host to Ventnor’s Thaduna & Green Dragon Copper deposits and Proterozoic mineralisation similar to Aditya Birla’s Nifty copper deposit.

Recent reverse circulation drilling has identified anomalous horizons.

At its Kookynie VMS Copper Project, multiple mineralised horizons have been intercepted over 4 kilometres of strike.