Quarterly Report (September 2021)

 

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WATCH MANAGING DIRECTOR DUNCAN CHESSELL DISCUSS THE LATEST NEWS AND ACTIVITIES IN THIS OPERATIONS UPDATE (26/10/21)

 

"It has been another busy quarter with our exploration teams drill testing and trenching multiple targets in the Northern Territory and Alaska. We have assays pending and plenty of exploration upside untested on both our battery metals and uranium potential Benmara Project and 64North Gold Project in Alaska.

The big game changer this quarter, is the Farm-in & JV agreement struck with Australian copper producer OZ Minerals on the Wollogorang Project in the Northern Territory. The agreement will see OZ sole fund exploration activities in stages, potentially all the way to final investment decision to mine. OZ recently committed to an extensive drilling program in the 2022 to kick off the first stage of the agreement."

- Managing Director Duncan Chessell

 

SUMMARY 

 

64North Project, Alaska

RML EAST POGO DRILLING 2 1200px50q

  • Trenching program completed at the Tourmaline Ridge Prospect – assays pending
  • Regional drill target generation exploration conducted for 2022 season
  • Historic core located and submitted for assay at the Sunrise Prospect – assays pending
  • Drilling: 12 RC drill holes totalling 1,663m completed and results at the East Pogo Prospect

 

Wollogorang Project, Northern Territory

VTEM Helicopter EDM

  • VTEM geophysics survey Identifies multiple conductors – potential for sediment hosted copper
  • Significant Farm-in and JV Agreement with copper producer OZ Minerals
  • OZ Minerals completes due diligence and commits to drilling program in 2022

 

Benmara Project, Northern Territory

20211026 RML BEN 2021 Drilling 1200px20q

  • Copper drill targets identified
  • New tenements added adjoining project - increasing land holding to 2,230km2
  • Drilling: 15 RC drill holes completed totalling of 2,892m – assays pending

 

Corporate

  • $1.25m Junior Minerals Exploration Incentive (JMEI) tax credits granted
  • Divestment of Snettisham Project (Alaska) to Millrock Resources - share of proceeds agreement
  • $1.7m Placement to progress key projects and Australian project generation
  • Tenement acquisition from neighbours Cedar Resources, on the Benmara Project
  • The Company reports $2m cash at bank on 30 September 2021
  • The Company reports a successful $1.7m SPP was completed 26 October 2021

 

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