Rex Minerals releases positive drill results
Rex Minerals is confident the prospect of attracting funding for its Hillside ore body will be boosted by recent drilling results.
The company said today it has received the bulk of the drilling results required to deliver an updated Mineral Resource and Ore Reserve estimate later in the year as part of the Hillside Bankable Feasibility Study.
The results have shown that the modelling of the Hillside orebody continues to be robust and well understood, with detailed drilling of the 12 year open pit design further confirming the modelled interpretation.
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“Importantly, these results will further de-risk and build confidence in Hillside which will continue to open up more sources of funding for the development of Hillside,” Rex’s managing director Mark Parry said in a statement today.
“This drilling program is now nearing completion, and once finalised, Rex will endeavour to upgrade all of the Inferred Resources in this area to the Indicated category, and subsequently into an Ore Reserve estimate.
“In addition to the drilling program designed to increase the Ore Reserve base at Hillside, Rex has also completed work on understanding more detail associated with the ore Reserve that is scheduled to be mined within the first few years of production.”
The finalisation of this program and an updated Mineral Resource and Ore Reserve are expected in the next quarter.
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