Rubianna Resources (ASX: RRE) has received a A$485,000 research and development tax rebate for research that formed part of its 2011-12 exploration programs.
Importantly, this means the company’s Murchison exploration program has been recognised as a compliant and audited research program by the Australian Government.
This R&D program has the potential to run for the next two to three years and contribute significantly to Rubianna’s cash-flow.
The company will use these additional funds to support ongoing research, development and exploration expenditure.
Together with the $150,000 State Government exploration incentive scheme funding received in December and the $600,000 funding agreement with Everett Smith & Co in February, Rubianna is now able to progress its exploration projects.
Within Rubianna’s 1450 square kilometres of tenement holdings in the Peak Hill region, which hosts Sandfire Resources’ (ASX: SFR) large DeGrussa copper deposit, the company is delineating several high grade gold deposits.
Drilling is currently underway at the Ruby Well project and ground electromagnetic surveys are progressing at the Killara project.
Most recently Rubianna discovered more nuggetty gold at its Bloodstone prospect, within its Murchison tenements in Western Australia, which is shown to be high grade.
Duplicate sampling from a QAQC program at the prospect has returned several significant anomalous “nuggetty” values.
These include 1 metre at 21 grams per tonne (g/t) gold from 92 metres that originally assayed at 1 metre at 0.6g/t gold, 1 metre at 198g/t gold from 93 metres that originally assayed at 1 metres at 0.7g/t gold, and 1 metre at 23g/t gold from 54 metres that originally assayed at 1 metre at 2g/t gold.
Overall the gold assays are similar between original and duplicate samples. However, these anomalous duplicate assays now indicate continuity, down-dip as well as down plunge to the gold mineralisation.
Importantly, the size of the resource may now increase due to the inclusion of these gold intercepts that were previously excluded as being too low grade.
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