26/05/2014 - 15:06

Resource and Investment shares spike

26/05/2014 - 15:06

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Shares in Subiaco-based explorer Resource and Investment have closed higher on the back of strong drilling results at the company's Grosvenor copper-gold project in the Bryah Basin.

Resource and Investment's Grosvenor gold plant near Meekatharra.

Shares in Subiaco-based explorer Resource and Investment have closed higher on the back of strong drilling results at the company's Grosvenor copper-gold project in the Bryah Basin.

Diamond drilling at the Forrest prospect within the Grosvenor project area intersected what the company has described as "significant zones" of copper-gold mineralisation.

The drilling operations intercepted 9.1 metres at 5.27 per cent copper, 2 grams per tonne of gold and 8.35g/t of silver.

The intersection includes 4.25 metres at 8.86 per cent copper, 2.84g/t of gold and 15.07g/t of silver.

RNI claims the results confirm the prospect's potential to be a significant copper-gold discovery.

“Our detailed and focused approach to targeting has identified in excess of 12km strike to explore in the Forrest area alone,” RNI technical director Albert Thamm said.

“We are confident that further exploration in the western Bryah Basin will unlock the potential of this growing copper-gold province.”

RNI is headed up by former Sandfire Resources chairman Miles Kennedy, who was at the helm of the copper miner when it discovered its flagship DeGrussa prospect in 2009.

The company's shares jumped 23.5 per cent higher to close the day's trade at 10.5 cents.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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