Reach Resources Limited (ASX: RR1) December 2024 Quarterly Activities Report
Strategic Review Confirms Gold Prospectivity
Reach Resources Limited (ASX: RR1) announced a successful strategic review of the Murchison South Gold Project. The review utilised advanced modelling techniques to confirm substantial gold mineralisation potential, identifying immediate drilling opportunities for potential open-pit mining.
High-Grade REE Results from Wabli Creek
The company reported significant initial assay results from the Wabli Creek project. Results showed broad intersections of Total Rare Earth Oxides (TREO) from surface, including high-grade Magnet Rare Earth Oxides (MREO) intersections. The majority of assay results indicated TREO >1,000 ppm with many drill holes showing mineralization open at depth.
Further REE/TREO Intersections Confirmed
Final results from a maiden drilling campaign at Wabli Creek confirmed consistent and thick REE mineralisation within the alkaline granite, with some holes yielding TREO grades as high as 7,193 ppm and MREO concentrations up to 1,809 ppm. This indicates considerable resource potential.
Mining Plus Engagement to Fast Track Gold Review
Mining Plus has been engaged to conduct an independent review of the Murchison South Gold Project. The focus is on validating historical data and targeting high-grade zones identified in the initial strategic review. A drill program consisting of approximately 12 holes is already underway.
Financial Position
As of December 31, 2024, Reach Resources reported cash reserves of $4.43 million. The company incurred exploration and evaluation expenditures primarily related to Wabli Creek and the Murchison South project.
CEO Comments
Jeremy Bower, Chief Executive Officer of Reach Resources, said, “Our strategic review has opened new pathways for growth, with significant findings in both gold and rare earth elements.”
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