Momentum continues at REZ’s Gigante Grande gold discovery
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Special Report: While REZ awaits the results of the remainder of its recent 32-hole drilling program, the company has mapped out the extent so far of the high-grade find at Gigante Grande prospect in WA.
Resources & Energy Group’s (ASX:REZ) high-grade discovery at the Gigante Grande prospect, part of the East Menzies Gold Field project, has so far been explored over 500m.
That news more than tripled REZ’s share price to 10.5c on the exchange of a whopping 574.3 million shares on Tuesday. While the company’s share price has edged back a bit to 9.6c, it has still advanced 1500 per cent since the COVID-driven market bottom in March.
A drill-hole location plan now shows the high-grade nature of the find from the early results of REZ’s recent drilling and the results of past drilling done by previous owner Paddington Gold.
The Gigante and Kota Paxi prospects were initially identified as a result of auger soil sampling completed by Goldfields Exploration, operating as Paddington Gold in 1997.
This work outlined a number of gold-in-soil anomalies of over 60 parts per billion over an interpreted granitic body.
These results were followed up by rotary air blast drilling programs, and in the case of Gigante Grande, by a few reverse circulation holes with diamond drilling tails.
Paddington Gold reported very high-grade hits like 1m at 49.9g/t from 135m, 5m at 29.19g/t from 52m and 1m at 26.7g/t from 186m across four holes.
The new discovery is significant for REZ because these results demonstrate strong potential for Gigante Grande to host a very large mineralised system.
REZ was drill testing the previously reported 2.5km by 400m gold in regolith anomalies.
The company drilled 30 holes at the Gigante Grande and Chronos prospects and another two at the Goodenough prospect, with the results of five holes received so far.
This article was developed in collaboration with Resources & Energy Group, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.