Rubianna Resources (ASX: RRE) has been awarded a A$125,000 co-funded grant to drill quartz vein lode gold targets at its Ruby Well tenement, which is located north-east of Meekatharra in Western Australia.
The company recently delivered an update to the Ruby Well Project resource, which includes 229,000 tonnes at 2.9g/t gold for 21,300 ounces, which covers the four prospects of Bloodstone, Ruby Anna East, Ruby Anna and Golden Hope.
Rubianna is also looking to monetise these gold assets, with options currently being assessed, with the aim to generate sufficient cash flow to focus on advancing our copper-gold and base-metal prospects at Kookynie and Killara.
The reverse circulation program will evaluate areas of quartz veining that have returned “nuggetty” gold values from surface sampling across the tenement, with the grant from the Western Australia government providing the company with an opportunity to thoroughly test the most prospective areas.
Rubianna said that drilling will commence at an appropriate time to match market conditions.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.