Resources and Energy Group Limited (ASX:REZ) has reported the shallowest, high-grade gold hits so far from drilling at its Gigante Grande prospect, located on the eastern side of its flagship East Menzies goldfield project. The company was recently featured in a Stockhead article.

REZ’s Gigante Grande prospect continues to provide further evidence it could well be a tier one deposit in the East Menzies goldfield.

The article opens with a captivating statement: 

"REZ’s Gigante Grande prospect continues to provide further evidence it could well be a tier one deposit in the East Menzies goldfield."

The news saw shares advance as much as 55 per cent to an intra-day high of 6.2c on Monday morning.

Resources & Energy Group (ASX:REZ) share price chart

According to Stockhead article, five zones were intersected, with mineralisation starting from as close as 11m from surface.

REZ intends to continue its winning streak and has started step out drilling to test the extent of the resource to the north and south.

The company has its foot on over 8km of the Moriarty Shear zone and continued strong results will lead to an expedited resource for Gigante Grande.

The article further mentions the production at East Menzies:

"REZ is on track to restart mining at the Granny Venn open pit mine at the East Menzies gold project within the next quarter after inking a lucrative profit-sharing deal that requires no upfront spend by the company. The company last week signed an agreement that will see BM Mining spend an estimated $3m in working capital to get the Granny Venn site mining and processing gold."

The profit-sharing agreement will exploit the economically recoverable remnant resources at East Menzies.

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