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Reach Resources Limited ( (AU:RR1) ) has shared an update.
Reach Resources Limited has confirmed an optimized Mineral Resource Estimate (MRE) for its Blue Heaven deposit at Murchison South, revealing a potential for shallow, open pit mining operations. The MRE, conducted by Mining Plus, indicates a resource of 61,300 ounces of gold, with 92% occurring in high-grade fresh rock. The current spot gold price of approximately A$5,000/oz presents a significant upside compared to the A$3,500/oz used in the MRE. With over 65% of the MRE classified as indicated and mineralization starting from the surface, the company is well-positioned to capitalize on the strong gold market. Additionally, metallurgical tests show a 97% recovery rate, and processing discussions are ongoing, suggesting potential positive implications for stakeholders.
More about Reach Resources Limited
Reach Resources Limited operates in the mining industry, focusing on the exploration and development of mineral resources. The company primarily deals with gold deposits, with a significant market focus on optimizing mineral resource estimates to enhance operational efficiency and profitability.
Average Trading Volume: 9,715,160
Technical Sentiment Signal: Buy
Current Market Cap: A$8.74M
For detailed information about RR1 stock, go to TipRanks’ Stock Analysis page.