Redcastle Resources (ASX:RC1) said assay results of the final phase of drilling confirmed higher-grade shallow mineralization at the Kestral Lode at its Queen Alexandra prospect within the Redcastle gold project in Western Australia, according to a Monday Australian bourse filing.
This increases the potential for a larger early-stage open pit development at the prospect by expanding the mineralized footprint, improving open pit design flexibility, enabling the focus to be on early high-grade extraction, and supporting more robust project economics.
It reported significant intercepts from the prospect of two meters at 7.80 grams-per-tonne grade of gold from 66 meters and six meters at 2.7 g/t grade of gold from 36 meters.
It also reported a significant intercept of 16 meters at 1.2 g/t grade of gold from 84 meters, from four contiguous individual four-meter composites from its Redcastle Reef prospect.
Its shares fell 12% in recent trading on Monday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.