Rubianna Resources (ASX: RRE) has commenced a much anticipated reverse circulation drilling program at the Ruby Well project, within its Murchison tenements in Western Australia.
Previous exploration at Ruby Well has shown promise, this program is the next piece in the jigsaw.
The program comprises 56 holes for 5,000 metres, designed to test multiple targets along several 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 also be targeted.
It will be interesting to see if Rubianna can emulate the success of Doray Minerals' (ASX:DRM) similar, high-grade quartz vein hosted gold system at Andy Well, 25 kilometres to the south.
Capitalised at around $2.5 million, this would certainly send the share price north.
Particularly encouraging for Rubianna shareholders is the recent commencement of gold production at Doray Minerals’) Andy Well Deposit.
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.
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.
Drilling is expected to take 3 weeks to complete, with results due within four weeks from completion.
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