Resource and Investment (ASX: RNI) has discovered copper and gold from outcropping ironstone gossans at the Orient prospect within the Cashman’s North lease, part of the company’s Grosvenor Project in Western Australia’s Bryah Basin.
Surface sampling results included high grades of up to 12.8% copper and 41.7 grams per tonne (g/t) gold from the Orient prospect.
The sampling program also returned elevated levels of lead and zinc.
Orient represents another highly prospective target at Cashman’s North, which is located 35 kilometres north of the Andy Well gold project being developed by Doray Minerals (ASX: DRM).
Exploration work will continue at the Orient prospect to follow up on the high grade copper and gold surface assays and to define drilling targets. This will include detailed mapping and additional soil and rock chip sampling.
This work will be followed by geophysical surveys, which will be extended to cover other significant copper anomalies to the west of Orient.
Meanwhile, Resource and Investment plans to undertake a 32-hole drilling program at Cashman’s North in early October to test five electromagnetic anomalies which represent significant base metals targets.
The drilling program will include 1,200 metres across four holes, funded from an $84,000 grant from the Western Australian Government’s Royalties for Regions program.
The company is also planning new drilling programs at Horseshoe Lights East, followed by the Jacques prospect.
Resource and Investment is earning a 51% interest in Horseshoe Lights East, which comprises a single mining lease located immediately east of the historic Horseshoe Lights VMS copper-gold project owned by Horseshoe Metals (ASX: HOR).
Demonstrating the potential of the area, recent assays from a 1,068 metre, seven hole reverse circulation drilling program over Resource and Investment’s Horseshoe mining lease included 3 metres at 10.54g/t gold from 138 metres.
The holes were drilled to further upgrade the Indicated and Inferred resource of 2.35 million tonnes at 2.15g/t for 162,866 contained gold ounces.
The assays from Horseshoe, which is located about 30 kilometres east of the 1 million tonne per annum Grosvenor Gold Plant being refurbished by Resource and Investment, confirm the gold-copper-silver-base metal and tungsten geochemistry of the ore body.
The company has received final heritage clearances to drill eight reverse circulation holes for a total of 1,200 metres targeting electromagnetic conductors defined below the overlying Bangemall Group sediments.
At depths of 150 metres, there are areas of strong conductivity in the north at Horseshoe Lights East, delineated by a VTEM geophysical airborne survey combined with magnetic data modelling.
These conductors represent significant base metals targets at a depth of less than 200 metres.
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