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Resources & Energy Group drills high-grade gold in maiden program at Goodenough

Results feature 4 metres at 4.21 g/t gold and will feed into a JORC resource update scheduled for December.

Resources & Energy Group Ltd - Resources & Energy Group drills high-grade gold in maiden program at Goodenough
A pilot hole at Goodenough also intersected 5 metres of massive sulphides (pictured) featuring tungsten and zinc

Resources & Energy Group Ltd (ASX:REZ) has received assays from its maiden drill program at the Goodenough gold deposit within its Menzies Gold Project in Western Australia.

Results feature 4 metres at 4.21 g/t gold from 124 metres at 2 metres at 5.51 g/t gold from 61 metres with grades of up to 9 g/t gold.

The results will feed into REZ’s planned update to JORC 2012 standard of the existing JORC 2004 resource of 36,850 ounces grading 2.08 g/t gold.

Drilling at the Spion Kopp and King Dam prospects, also located within the Menzies Project, will commence next month.

A known gold-producing area with little modern exploration

REZ’s CEO Christian Price said: “We know that Menzies produced a lot of gold at extremely high grades on and off over several decades up until the 1980s.

“But we also know that it has been exposed to virtually no modern exploration techniques. And this is where the huge opportunity lies for our company and our shareholders.

“We have 92 square kilometres in the heart of the WA greenstone belt with well-established high-grade mineralisation which remains along strike and down dip.

“These results from Goodenough highlight what we believe is the next opportunity to create value by applying modern expertise and technology to a rich historic WA goldfield.”

Pilot hole hits tungsten and zinc

A pilot hole was also drilled at Goodenough to test the nature of a large conductor anomaly.

Notably, this test hole intersected 5 metres of massive sulphides, from 39 metres down the hole.

Assays revealed 1-metre at 0.20% tungsten from 41 metres and 1-metre at 0.16% zinc from 39 metres.

This target area of felsic rock hasn't been considered to host mineralisation previously and could be an exploration opportunity for REZ. 

Quick facts: Resources & Energy Group Ltd

Price: 0.017 AUD

Market: ASX
Market Cap: $6.59 m

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