Resolution Minerals Ltd (ASX:RML, OTC:RLMLF) earlier this week reported a third significant drill intercept at the Golden Gate target, part of its Horse Heaven gold project in the United States.
The company said the new hole returned 253 metres at 1.5 grams per tonne gold. Within that, it highlighted a higher-grade zone of 120 metres at 2.3 grams per tonne. The company stated that this result supports its geological model, with low-grade oxidised material near the surface transitioning into higher-grade sulphide mineralisation at depth.
The intercept was described as mineralised from surface to end-of-hole and remains open-ended at the bottom. It is the third result disclosed by the company from its ongoing ten-hole program. Previous intercepts include 189 metres at 1.3 grams per tonne and 250 metres at 0.6 grams per tonne.
In response to the latest results, the company has mobilised a second drill rig to the site. It said the reverse circulation drill will target an additional five holes, equivalent to 5,000 feet of extra drilling.
Resolution Minerals said it is fully funded for this expanded program. It recently raised USD 25.00 million, followed by an additional USD 2.00 million placement by Tribeca at USD 0.08 per share.
The company is also advancing plans to list on Nasdaq. It noted that liquidity on the OTCQB market in the United States is already increasing and expects to attract further interest from US-based investors.
Proactive: Resolution Minerals has intercepted more gold at the Horse Heaven project in Idaho. All the details on this milestone are with the company’s US CEO Craig Lindsay. Craig, a very good morning to you. How are you?
Craig Lindsay: I'm doing fantastic. Great to see you.
Proactive: Good to see you, Craig. Once again, you were with me last week talking about the 25-acre land you had acquired right beside Horse Heaven. And I could really sense — and I think investors could tag along with — your excitement about the potential. We all really sensed that through your words. Here we are today at the Golden Gate Prospect. This is our key focal point for today. We're talking 253 metres at 1.5 grams per tonne of gold. How excited should we be again about those results today?
Craig Lindsay: Well, if I was a shareholder of Resolution, I'd be very excited. I mean, in my career, I’ve never drilled a 250-metre intercept of a gram and a half gold. It’s a fantastic result. And within that 250-metre interval is 120 metres of about 2.3 grams per tonne.
What we see is exactly the model that we forecast. It’s what we expected to see — the top end of the hole is somewhat lower-grade oxidised material, and as you get deeper into the sulphide material, the grade increases. This hole is mineralised from surface all the way to the bottom, and it’s open-ended at the bottom. A great result.
It’s the third of three holes that we’ve announced. You might recall our first hole was 189 metres of 1.3 grams per tonne. We also announced today a 250-metre intercept of 0.6 grams per tonne gold. This is turning into a very gold-rich environment at the Golden Gate target. We've got seven more holes to go in a ten-hole program. Six have already been submitted to the lab. We’ve got one more to log, split, and submit. We’re off to the races — it’s really exciting.
Proactive: It’s really exciting. And I think, Craig, investors definitely took that with a full heart — your share price is up more than 1.5% at the time of this recording. Let’s talk about Golden Gate. In a nutshell, that’s ten holes drilled, with seven more to come. How is the upcoming month or so looking like at Horse Heaven, in terms of what investors should be looking forward to?
Craig Lindsay: I think the exciting thing to share, in addition to these first three holes, is that based on these results, I’ve brought a second drill into the program. It’s a reverse circulation drill, so there’ll be chips rather than core coming out of the hole. But we’re going to try and knock out another five holes — that’s another 5,000 feet of drilling. That’s another 35 to 40% more drilling we’re going to get done this year at Golden Gate.
You don’t knock out a 250-metre hole at a gram and a half and not turn around and go right back up that hill and keep drilling. That’s a big step for us. We’re excited about it, and we’re fully funded. Listeners will recall we raised USD 25 million about six weeks ago, and Tribeca came in following that with another USD 2 million at USD 0.08 a share. So, the following we’re getting based on these results has been really positive.
We’re going to continue telling the story across Australia. We’re getting very good feedback and strong liquidity. As I’ve mentioned before, we’re also going through the process of listing on Nasdaq. Liquidity in the US is starting to rise on the OTCQB market. We think we’ll attract an even stronger following amongst US investors in addition to the fantastic support we’ve got out of the ASX.
Proactive: It’s really interesting to see how Horse Heaven continues to gain momentum and international exposure as well. Craig, we saw the key focal point it took just a couple of weeks ago with the meeting between Australia and the US, and we continue to see that unfold through the results you've been sharing with us. We’ll look forward to seeing more in the coming weeks. Thank you so much. This was Resolution Minerals’ US CEO Craig Lindsay. Always a pleasure to have you.
Craig Lindsay: Thank you so much. Appreciate your time.