Resolution Minerals Ltd (ASX:RML, OTCQB:RLMLF, FRA:NC3) earlier this week reported a significant extension of gold mineralisation at Golden Gate South within its 100%-owned Horse Heaven Project in Idaho, with CEO of US Operations Craig Lindsay outlining a growing pipeline of drilling results and several potential near-term catalysts.
The first three holes reported from the company’s current campaign all intersected gold mineralisation, with Lindsay highlighting a standout intercept of around 305 metres at 0.64 grams per tonne gold from surface.
He described the results as particularly important because Golden Gate South sits about two kilometres south of Golden Gate North and had not previously been drill tested.
“These are discovery holes,” Lindsay said.
He added that the results had effectively extended the Golden Gate Shear Zone and said Resolution Minerals Ltd (ASX:RML, OTCQB:RLMLF) believed Golden Gate North and Golden Gate South could be geologically connected.
The company was permitting drilling between the two areas for 2027, providing a potential catalyst should future work demonstrate continuity along the broader system.
Lindsay said Resolution Minerals Ltd (ASX:RML, OTCQB:RLMLF) had completed 33 holes during the current campaign, while only three had so far been announced. He said 28 holes had been logged and submitted for assays, creating scope for a steady flow of drilling news.
“This is going to be a news-rich story,” he said, pointing to further results expected as the program progressed.
Beyond gold, Lindsay said Golden Gate also offered exposure to tungsten. He noted that Golden Gate North hosted a historic underground tungsten operation and said the company was seeking to establish a tungsten resource with a longer-term view towards renewed production.
He also highlighted antimony and tungsten as central to Resolution Minerals Ltd’s broader critical-minerals strategy, against a backdrop of increased US interest in developing domestic supply chains.
Lindsay said the company was working on a processing solution for both tungsten and antimony in the United States and expected further news around that initiative.
Near-term catalysts identified in the interview included completion of the current drilling program, continued assay releases and preparation of a maiden mineral resource estimate for Golden Gate.
The proposed Nasdaq listing also remained in progress. Lindsay said Resolution Minerals Ltd continued to work through the SEC process and viewed the potential listing as an opportunity to broaden the company’s exposure to US investors.
Interview highlights
- Resolution Minerals Ltd reported the first three holes from its current drilling program at the Horse Heaven Project, with all three intersecting gold mineralisation.
- The standout result was an intercept of about 305 metres at 0.64 g/t gold from surface at Golden Gate South.
- Craig Lindsay described the Golden Gate South holes as “discovery holes”, given the area had not previously been drilled.
- Golden Gate South lies roughly two kilometres south of Golden Gate North, extending the known Golden Gate Shear Zone.
- Resolution Minerals Ltd believes Golden Gate North and Golden Gate South may be geologically connected and is permitting drilling between the two areas for 2027.
- The company has completed 33 holes from a program expected to comprise around 40 to 45 holes, leaving a substantial pipeline of assay results.
- Lindsay said the company expected a “news-rich” period as drilling continued and additional results were released.
- The broader Golden Gate opportunity includes both gold and tungsten, with Golden Gate North hosting a historic high-grade underground tungsten mine.
- Resolution Minerals Ltd intends to work towards establishing a tungsten resource alongside its gold exploration program.
- Lindsay highlighted antimony and tungsten as important components of the wider critical-minerals strategy at Horse Heaven.
- The company is also working on a potential processing solution for tungsten and antimony in the United States.
- Near-term priorities include finishing the current drilling program, releasing assay results and preparing a maiden mineral resource estimate for Golden Gate.
- The company’s proposed Nasdaq listing remains in progress through the SEC process.
Proactive: Resolution Minerals has confirmed a major extension to gold mineralisation at Golden Gate South, part of its 100%-owned Horse Heaven Project in Idaho. Here to discuss the latest results is CEO of US Operations Craig Lindsay. Craig, good to see you again.
Craig Lindsay: Jonathan, always good to be with you. Thank you for having me.
Proactive: It’s a pleasure to have you. Let’s dive into these results. Talk us through the best results and what they tell you about the scale of that emerging gold system.
Craig Lindsay: We started drilling back in early May. We announced a 40,000 to 45,000-foot drill program, comprising around 40 to 45 holes, and we’ve been drilling those consistently over the past couple of months.
Today we announced the first three holes from that program, and what’s really exciting is that all three hit gold mineralisation, which was what we were targeting with these particular holes.
The trophy hole was a 305-metre intercept of 0.64 grams per tonne gold, starting right from surface. The significance of that hole is very substantial for us because these are discovery holes.
They are two kilometres south of Golden Gate North, where we were drilling last year, and they’re right along the Golden Gate Shear Zone.
We’re drilling at this prospect we call Golden Gate. It was drilled historically in 1988 and in the early 1990s by two prior operators. We had one campaign out there last year and it delivered some amazing results at Golden Gate North.
Golden Gate South is around 2,000 metres south of Golden Gate North and had never been drilled before.
Why were we drilling there? There’s a significant soil anomaly that we identified in 2021, and a prior operator identified a large gold anomaly in soils as well as tungsten.
Followers of the company should be excited to see this significant extension of the Golden Gate Shear Zone. It is now two kilometres long.
We strongly believe, geologically, that those two targets are connected. We’re permitting right now to drill in between those two targets in 2027.
These are just the first three holes. We have around 45 holes in total to come out. We’ve already completed 33 holes this year. We’ve announced three, and 28 holes have been logged and are in for assays.
I know investors are probably as impatient as we are. We want those holes out and we’re trying to get them out as fast as we can. They are starting to come out.
Going forward, this is going to be a news-rich story through September and October as we complete our drilling and start to release these drill results.
I’m very excited about the prospect of seeing tungsten in some of these holes at both Golden Gate South and Golden Gate North.
The whole Golden Gate prospect is a gold story. It’s a big gold story, and it’s also a tungsten story.
There is a historic tungsten mine at Golden Gate North that historically produced at about 1.85%. It was a high-grade underground tungsten operation.
We have a view to establish a tungsten resource there and put this back into production.
People sometimes get confused with Resolution because we’ve got this big gold story, yet we really push the critical metals. It is a big critical metals story.
At Horse Heaven, it’s antimony and tungsten, but we’ve got this big gold story in the background. When you start seeing numbers such as a 300-metre intercept at 0.64 grams per tonne starting right from surface, it’s an exciting gold story in addition to critical metals.
Proactive: Craig, I just want to touch on the necessity the US now sees in critical minerals. Talk us through that, given what you’ve just said about Resolution Minerals Ltd being a critical minerals company.
Craig Lindsay: It’s pretty simple. There is a dearth of critical minerals in the United States.
The United States has historically relied on third parties and offshore production. A lot of that has come from China, and China has cut off those supplies.
The current administration has put a big focus on developing domestic supplies of these materials.
We’re very well suited in the state of Idaho to help meet that goal because Idaho is endowed with gold and silver and is very well known for that, but it also has base metals and critical metals.
Right next door to us, Perpetua Resources is developing the largest known antimony project in the United States.
We’re a direct geologic analogue to what it has next door. We really think we have the ability to be 2.0. That’s how I market this company, I believe it firmly, and I’m very excited about what we’re doing.
The US government and the current administration are strongly behind not just developing domestic mine supplies, but the biggest challenge from a critical-metals perspective is processing.
We are working very hard in the background on developing a processing solution for both tungsten and antimony for the US government, and we’re progressing rapidly on that.
That’s something followers of the company should be excited about, and you will see news around this whole critical-metals thematic as we move through future news releases.
Proactive: There is plenty to look forward to. Talk us through the priorities and what’s next overall.
Craig Lindsay: Priority number one is completing this drill program.
Something I didn’t mention is that we’ve got an extension to continue drilling through the middle of September, which is going to allow us to complete the permitted holes under our current permit. That’s a big immediate and near-term focus.
Number two is getting the drill results out to the market.
Number three, we’re going to be putting together a maiden mineral resource estimate for Golden Gate.
I don’t want to put timing on that, but it will follow closely on the heels of completing the release of all of our drill results.
I’m a broken record here, Jonathan, and I know a lot of listeners and investors are somewhat frustrated because we’ve talked about a Nasdaq listing and it’s ongoing.
We haven’t slowed down that process. It’s an open-ended process with the SEC and we’re working with them through it.
Frankly, I thought we would be up and trading with our ADSs on Nasdaq earlier. It’s frustrating that we’re not, but it is a process.
We’ve got our shoulder to the rock and we’re pushing it uphill. When we get to the top of that hill and that rock goes down the other side with the Nasdaq listing, we’re really excited about that and starting to share that story with US investors, in addition to the amazing support we’ve got from the Australian investment community.
Proactive: A listing is never an easy thing to do, but there’s certainly plenty going on. Craig, thanks for your time this morning. We’ll talk again very soon.
Craig Lindsay: Your listeners are going to get tired of seeing my face with all of the news results we’ve got coming out, so I apologise in advance for that. But you’re going to see more of me. Thank you very much. I appreciate your time, Jonathan.