Reach Resources Secures Second Mining Lease to Expand Murchison South Gold Project

Reach Resources Limited ( (AU:RR1) ) just unveiled an update.

Reach Resources has secured a second mining lease, M59/786, at its Murchison South Gold Project, consolidating the East Daffodil gold deposit with the existing Pansy Pit lease and adjacent historic Daffodil open pit. The new tenure strengthens the company’s dominant position along the Primrose Fault, enhances development flexibility by combining several high-grade, shallow gold zones on granted mining leases, and provides significant exploration upside given limited historical drilling at East Daffodil. With strong regional infrastructure, including proximity to highway access, accommodation, an RFDS airstrip and a nearby toll treatment plant under refurbishment, the grant is expected to materially increase the project’s scale and optionality, complementing Blue Heaven as the near-term development focus and underpinning upcoming metallurgy, drilling and rock-chip results that may support a future resource update and scoping study.

The most recent analyst rating on (AU:RR1) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Reach Resources Limited stock, see the AU:RR1 Stock Forecast page.

More about Reach Resources Limited

Reach Resources Limited is an Australian gold exploration and development company listed on the ASX, focused on its Murchison South Gold Project in Western Australia. The company targets structurally controlled gold deposits along the highly mineralised Primrose Fault corridor and is advancing multiple near-term development zones supported by existing regional mining infrastructure and toll treatment options.

Average Trading Volume: 1,365,088

Technical Sentiment Signal: Sell

Current Market Cap: A$10.49M

For detailed information about RR1 stock, go to TipRanks’ Stock Analysis page.