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Rex Minerals discovers high-grade gold zone at Hog Ranch

Published: 08:28 22 Dec 2020 AEDT

Rex Minerals Limited - Rex Minerals discovers high-grade gold zone at Hog Ranch
Hog Ranch is in Washoe County, Nevada, around 45 kilometres from the California border.

Rex Minerals Limited (ASX:RXM) has discovered a new high-grade zone after drilling a further four holes drilled into the Krista Project at its 100%-owned Hog Ranch Gold Property in Nevada, USA.

The company has received encouraging assay results beneath the previous interpretation of up to 12.2 metres at 6.45 g/t gold from 167.6 metres downhole in HR20-023.

This was within 210.3 metres at 0.66 g/t gold from surface with other results including:

  • 100.6 metres at 0.77 g/t from 83.8 metres including 44.2 metres at 1.54 g/t from 89.9 metres;
  • 129.5 metres at 0.41 g/t from 48.8 metres including 15.2 metres at 2.26 g/t from 161.5 metres; and
  • 56.4 metres at 0.89 g/t from 19.8 metres including 30.5 metres at 1.44 g/t from 21.3 metres.

All of the new results confirm and extend the scale of the oxide gold deposit, and further define the internal higher-grade trends which exist outside the historic Geib and Krista open pits.

“Extremely encouraging”

Rex’s managing director Richard Laufmann said: “The broader intersections identified in this new drill program at Krista are thick, shallow oxide; perfectly amenable to the very low-cost high-margin open pit/heap leach economics outlined in the Bells Scoping Study.

“The higher-grade central core at Krista is continuing to take shape.

“All results to date are extremely encouraging.

“They increase our confidence in the historical data, whilst indicating our Mineral Resource interpretation is conservative.

“We have added to what we previously defined, and the high-grade shoot in hole HR20-023 is an enticing new discovery.”

Drilling campaign

Recent drilling is the second of two drilling campaigns completed at Krista in 2020.

The first was designed to test for new extensions to the gold mineralisation at Krista.

Seven out of 10 drill holes successfully confirmed new extensions to the gold mineralisation at Krista from the first program.

The second six-hole program was designed to verify historical drilling results, confirm the geological interpretation and extend (test) the higher-grade trends within the existing inferred Krista mineral resource.

Results have confirmed the locations and extensions to the interpreted higher-grade gold mineralisation, including some further extensions beneath the level of the historical drill hole information.

In a number of holes, the drilling results were substantially higher-grade than the model which was based on surrounding historical drill hole information.

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