RNI’s Doolgunna Project is located within ~2.5km of the DeGrussa coppergold mine and ~5km along strike from the massive sulphide drilling intersection at the Monty Prospect reported to the ASX on 17 June 2015 by Sandfire Resources NL and Talisman Mining Limited.
RNI believes there is potential for the stratigraphic horizon hosting theMontymassive sulphidemineralisation to continue directly into the Company’s Doolgunna Project.
Previous exploration work carried out by RNI has identified three prospective volcanic hosted massive sulphide corridors through the Doolgunna Project and confirmed the potential for VHMS mineralisation with elevated copper-gold anomalism.
In light of the Monty massive sulphide intersection, RNI will now re-evaluate all exploration data from the Doolgunna Project, with a focus on looking deeper in the system.
RNI Managing Director Royce McAuslane said it now appeared the prospective stratigraphy hosting the DeGrussa copper-gold deposit had either repeated or opened up the potential for VHMS mineralisation on multiple horizons within the Narracoota Volcanic sequence.
"This result by Sandfire reinforces RNI’s belief in the prospectivity of the Company’s vast project holdings across the Bryah Basin," said Mr McAuslane.
"We have always thought the Doolgunna project had great potential to host a major VHMS deposit."
"It also validates our confidence in the Company’s Morck’s Well Project, which directly adjoins the western boundary or Sandfire’s Doolgunna Project and is host to at least 35km strike of the prospective Narracoota Volcanics. RNI has already identified drill-ready targets at Morck’s Well, the most advanced of which is the Jacques copper-gold prospect where a large electromagnetic conductor has been defined."
Doolgunna and Morck’s Well form part of RNI’s dominant 1,956km tenement package in the Bryah Basin region, which includes ~120 strike km of Narracoota Volcanic target horizons.
