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Resources & Energy assays 17.49 g/t gold, more drilling planned

Drilling is targeting the historical Goodenough gold mine located on a granted mining lease.

map of australia showing three project locations
The company’s chairman recently purchased $500,000 worth of shares

Resources & Energy Group Ltd (ASX:REZ) has intersected high-grade gold in drilling at its Goodenough Prospect within the East Menzies Gold Project in Western Australia.

Highlights include 3 metres at 17.49 g/t gold from 21 metres, 3 metres at 10.56 g/t gold from 16 metres, 5 metres at 7.66 g/t gold from 101 metres and 4 metres at 9.1 g/t gold from 35 metres.

Additional drilling has been designed to test extensions at the Goodenough Prospect, which will be used to compile a maiden JORC resource estimate for the prospect.

READ: Resources & Energy Group acquiring East Menzies Gold Project, placement to raise $5 million

The recently acquired East Menzies Gold Project is in a highly prospective region covering 90 square kilometres and includes three mining leases.

Notably, the acquisition brings together over 20 kilometres of contiguous strike of mineralised greenstone belt in the East Menzies gold field.

The higher grade mineralisation within the precinct of the Goodenough mine is distributed over four and possibly five gold shoot systems.

The ore shoots appear to be associated with south plunging higher angle structures which align with the axis of the Goodenough Syncline.

A drilling program has been designed to test the western, eastern and southern continuation of gold mineralisation within the Goodenough Syncline.

Chairman buys $500,000 worth of shares

Notably, REZ chairman Gavin Resoz has purchased 10 million shares in the company for $500,000 through an off-market transfer.

The purchase increases his holding to 10.25 million shares and 7.5 million options exercisable at 12 cents.

East Menzies is one of three core gold projects for REZ alongside the Mount Mackenzie Gold Project in Queensland and the Radio Hill Gold Mine Project in Western Australia.

Quick facts: Resources & Energy Group Ltd

Price: 0.045 AUD

ASX:REZ
Market: ASX
Market Cap: $16.65 m
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