Rubianna Resources (ASX: RRE) is gearing up to drill test multiple targets of high grade vein gold mineralisation at its Ruby Well project in Western Australia.
The program will comprise 56 reverse circulation holes drill holes for 5,000 metres, designed to test known gold mineralised quartz vein horizons across the Ruby Well tenement.
High-grade depth extensions to existing resources at Bloodstone, Ruby Anna East and Golden Hope will be targeted, along with regional evaluation of multiple targets identified from previous shallow drilling and surface gold geochemistry.
Particularly encouraging for Rubianna shareholders is the recent commencement of gold production at Doray Minerals’ (ASX: DRM) Andy Well Deposit, located just 25 kilometres to the south.
Doray’s exploration results from what is a similar high-grade quartz vein hosted gold system, further highlights the prospectivity of the Ruby Well project area.
The WA Government Exploration Incentive Scheme will fund around $125,000 of the drilling costs, estimated to total $250,000.
Interestingly, drilling is being conducted in exchange for 2.5 million Rubianna shares at a nominal value of $0.05 per share.
Rubianna last traded at $0.03 and is capitalised at $2.5 million.
Drilling is scheduled to commence in early March and is expected to take 3 weeks to complete.
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