LiDAR can identify ground disturbances which could present promising drilling targets at the historic project. Pic: Getty Images.
Resolution Minerals LiDAR results highlight gold and antimony potential
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- RML interim LiDAR results highlight brownfields potential at Drake East
- Results comparable to LiDAR readings from neighbouring gold-copper project
- The company plans to conduct mapping and sampling
Special Report: Interim Light Detection and Ranging (LiDAR) results from the Drake East project of Resolution Minerals in northeast NSW “greatly enhance” antimony and gold prospectivity.
LiDAR can identify ground disturbances such as mining pits, adits and shafts which could present promising drilling targets.
Drake East is already considered a highly prospective brownfields opportunity with past historical antimony production, sitting immediately adjacent to Legacy Minerals’ (ASX:LGM) Drake gold-copper project where a large epithermal gold-copper mineralised system is developing. LGM has a market cap of $22m, circa 4x higher than RML’s.
Interim LiDAR results have already identified hundreds of new antimony and gold historical workings at Drake East, which is already host to 15 antimony, 50 gold and three copper prospects.
The historical workings are associated with these prospects and include 534 pits, 27 shafts and 15 adits across the project area.
There have been 56 linear features/veins identified across Drake East over a collective strike length 4,150m, where historical samples include up to 5.72% antimony, 60.9g/t gold and 214g/t silver.
With LiDAR interpretation ongoing, there could be even more workings yet to be discovered, Resolution Minerals (ASX:RML) said.
Mapping and sampling the next step
Further work in the form of mapping and sampling will be required to determine whether these veins host antimony and/or gold mineralisation.
“The LiDAR interpretation to date has provided RML a glimpse into the antimony and gold potential of Drake East,” RML executive director Aharon Zaetz said.
“The plus-500 historical mine workings that we have so far identified with LiDAR automatically become targets, which we will prioritise and move quickly to map and sample those for evidence of mineralisation.
“We will wait for the LiDAR interpretation to be completed but even these interim results are beyond our expectations.”
The final LiDAR interpretation report is anticipated to be completed within 7 to 10 days, which will be announced to market
This article was developed in collaboration with Resolution Minerals, 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.
