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Reach Resources Limited (ASX: RR1 & RR1O) (“Reach” or “the Company”) is pleased to announce the completion of a new Mineral Resource Estimate (MRE) for the Pansy Pit deposit at its Murchison South Gold Project. The estimate, prepared by independent consultants Mining Plus, reported above a cut-off grade of 0.5g/t Au, confirms a near-surface inferred resource of 72kt @ 2.5g/t Au for 5,800 oz. This adds to the existing 61,300 oz gold resource at the nearby Blue Heaven deposit, bringing the total gold resource inventory at Murchison South to approximately 67,100 oz.
HIGHLIGHTS
- Pansy Pit: Mining Plus confirms Mineral Resource Estimate (MRE) for the Pansy Pit Deposit at Murchison South:
From Surface 72kt @ 2.5g/t Au for 5,800 oz Gold (Table 1) - Blue Heaven: Mining Plus confirms MRE for the Blue Heaven deposit at Murchison South: From Surface 681kt @ 2.8 g/t Au for 61,300 oz Gold (Table 1) (ASX Announcement 9 April 2025)
- Blue Heaven and Pansy Pit MRE, together total ~67,100 oz Gold
- Pansy Pit MRE is based solely on review by Mining Plus of historical drilling
- Historical drilling was only to 60m, mineralisation open at depth and along strike north and south (Figure 2)
- The Pansy Pit has the potential to be a shallow, open pit mining operation, with mineralisation observed from surface
- Strong Gold Market: Spot gold price of ~A$5,000/oz offers significant upside versus the A$3,500/oz price used in the MRE to model pit shells
- The Pansy Pit sits within granted Mining lease M59/662 and is just over 2km from the Company’s Blue Heaven deposit and on the south side of the Great Northern Highway (Figure 3)
- The Pansy Pit provides evidence of the expansion potential along the Primrose Fault, notably to the south at the Shamrock deposit and to the north at the Pansy North and Jacamar deposits (Figure 3)
The Pansy Pit MRE is shown in Table 1 on page 3.
Figure 1. Pansy Pit rotated and unclipped longsection view looking north with the optimised pit shell in grey, drill traces as black lines and the block model coloured by classification.
Figure 2. Pansy Pit rotated cross section view looking south at ~6,762,078mN +/- 10m with the optimised pit shell in black, drill traces as black lines and the block model coloured by estimated Au grade.
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