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An announcement from Redcastle Resources Limited ( (AU:RC1) ) is now available.
Redcastle Resources has reported encouraging results from a 36-hole, 1,977-metre broad-spaced drilling programme between its Redcastle Reef and Queen Alexandra prospects, with a standout intercept of 1 metre at 11.9 grams per tonne of gold from 20 metres in hole SHRC47. The programme, drilled on an 80-by-80-metre grid, was designed both to test for shallow mineralisation suitable for open-pit mining and to sterilise ground for planned low-grade dump locations.
When combined with historical drilling and old surface workings, the new results support the interpretation that gold mineralisation at Redcastle Reef extends at least 300 metres west of the current mineral resource estimate footprint. Management says this coherent shallow westerly trend creates an attractive follow-up target that could potentially enlarge the planned Redcastle Reef pit, while confirming that the current layout for low-grade dumps remains feasible for future mining operations.
The most recent analyst rating on (AU:RC1) stock is a Hold with a A$0.15 price target. To see the full list of analyst forecasts on Redcastle Resources Limited stock, see the AU:RC1 Stock Forecast page.
More about Redcastle Resources Limited
Redcastle Resources Limited is an Australian gold exploration and development company focused on advancing its Redcastle Reef and Queen Alexandra prospects toward potential open-pit mining. The company is currently preparing for mining operations, including optimising pit design and associated infrastructure such as low-grade ore dumps.
Average Trading Volume: 587,682
Technical Sentiment Signal: Buy
Current Market Cap: A$17.41M
For detailed information about RC1 stock, go to TipRanks’ Stock Analysis page.