Resource And Investment NL (ASX: RNI) has a very strategically well positioned project - located just a couple of kilometres from Sandfire Resources' (ASX: SFR) spectacular DeGrussa copper-gold discoveries.
Highlighting the prospectivity of the area, DeGrussa has combined resources of 14.33 million tonnes at 4.6% copper and 1.6 grams per tonne (g/t) gold.
Resource And Investment NL recent reconnaissance drilling in the south eastern section of the company’s flagship Doolgunna Project has identified a significant new zone of gold mineralisation, with preliminary grades of up to 14.46g/t gold.
The area has been termed the Ross’s Reef Prospect, and boosting the potential it remains open in all directions.
The prospect is positioned within a thick sequence of basalts, basalt breccias, dolerites and sediments that are highly reminiscent of the massive sulphide-bearing successions found at DeGrussa.
The company launched an intensive 950-hole drilling program at Doolgunna in May this year to test 24 priority Volcanogenic Massive Sulphide copper-gold and vein-style gold targets, and by the end of August, 185 holes had been drilled for a total of 15,500 metres.
Resource And Investment NL said so far three drill holes on two drill lines positioned 200 metres apart have intersected significant gold mineralisation.