12/01/2015 - 12:28

Ramelius strikes gold at Blackmans

12/01/2015 - 12:28

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Shares in gold miner Ramelius Resources have risen for the second time in a week after the company announced it had struck a significant amount of high-grade gold at its Blackmans project in the Murchison region.

Ramelius strikes gold at Blackmans

Shares in gold miner Ramelius Resources have risen for the second time in a week after the company announced it had struck a significant amount of high-grade gold at its Blackmans project in the Murchison region.

The company said infill drilling at Blackmans, located 30 kilometres north of its Mt Magnet gold project, intersected “significant, shallow, high-grade gold mineralisation”, with the most significant discovery being made nine metres at 31.9 grams per tonne gold from 41 metres.

Chief executive Mark Zeptner said the discovery was significant for future gold processing at the Mt Magnet project.

“Being located only 30km north of Mt Magnet means that any future mining operation at Blackmans can simply be run out of Mt Magnet and the gold ore processed at the existing Checkers processing facility,” he said.

The company also reported encouraging results from reverse circulation drilling at its Coogee gold project, south of Kalgoorlie.

Meanwhile, Ramelius has reported less encouraging results from its other drilling operations located around the country.

At its Fraser Range tenement in Western Australia, drilling was abandoned at 177 metres due to poor ground conditions.

The company said drilling would recommence once a suitable drill rig became available during the year.

Ramelius also said there were no significant discoveries returned from five deeper holes drilled at its Vivien gem gold project in WA, with no further work at the site being planned while the focus remained on other successful project areas.

At its Moonlight Creek tenement in Queensland, the company said it failed to intersect any gold within 300 metres of the surface.

"Consideration will now be given to seeking a farm-in partner for the project," the company said in a statement.

It follows news last week that Ramelius had smashed its gold production guidance for the December quarter, with its WA assets producing at record levels.

Shares in Ramelius were nearly 30 per cent higher at 10 cents per share by 12:20pm.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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