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Reach Resources Limited ( (AU:RR1) ) has issued an announcement.
Reach Resources reported a strong March quarter marked by exploration and resource growth at its Murchison South Gold Project, including the grant of a second mining lease that consolidates key deposits along the Primrose Fault. High-grade drilling and rock-chip results, combined with excellent metallurgical recoveries of about 95%, underscore the project’s potential for shallow open-pit development and future production.
Subsequent to quarter-end, the company lifted the Blue Heaven Mineral Resource Estimate by about 30% to 80,000 ounces at 3.0 g/t gold, with roughly 63% now in the higher-confidence Indicated category and mineralisation remaining open along strike and at depth. The upgrade, achieved at a low discovery cost of about $49 per additional ounce and against a supportive gold price backdrop, enhances Reach Resources’ development options as it advances processing discussions and seeks to expand resources outside the current estimate.
More about Reach Resources Limited
Reach Resources Limited is an Australian gold exploration and development company focused on its 100%-owned Murchison South Gold Project near Payne’s Find in Western Australia. The company is advancing near-surface gold deposits such as Blue Heaven, East Daffodil and Shamrock along the Primrose Fault, aiming to define shallow, open-pittable resources supported by strong metallurgical recoveries and regional processing options.
Average Trading Volume: 3,885,324
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$11.02M
For an in-depth examination of RR1 stock, go to TipRanks’ Overview page.