Redcastle Resources (ASX:RC1) said assay results from drilling at its Redcastle gold project in Western Australia resulted in high-grade gold intercepts, confirming widespread mineralization potential, according to a Wednesday bourse filing on the Australian bourse.
The results include a significant intercept of four meters at 10.94 grams per tonne grade of gold from a depth of six meters at the Queen Alexandra prospect, two meters at 9.14 g/t grade of gold from a depth of 39 meters at the Redcastle Reef prospect, and one meter at 22.50 g/t grade of gold from a depth of 36 meters.
It is advancing towards the maiden mineral resource estimate at the Redcastle Reef prospect and a revision of the Queen Alexandra mineral resource estimate. It restarted reverse circulation drilling at the project.
The firm's shares fell 11% on market close on Wednesday.
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