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Today we are featuring an exciting junior miner in the Menzies region, Resources and Energy Group Limited (ASX:REZ).
Nickeliferous Sulphides at East Menzies
Resource & Energy Group (ASX: REZ) has released an announcement stating that the Company’s drilling investigations for gold at the Springfield Prospect at East Menzies have returned hints of Nickel Sulphide minerlisation. These findings have been supported by historical exploration results by BHP and CRA. The 1986 BHP reported “significantly high values of Ni with a maximum of 2.9%. Values greater than 1% included 3m @ 1.53% from 15m, 3m @ 2.27% from 31m and 2m @ 1.24% from 6m of depth” This was at the Cepline prospect in the Springfield Venn zone, some 800m north of the Companies Scout Drilling program.
Resources and Energy Group Limited is an ASX listed gold explorer, developer, and producer, with projects in Western Australia and Queensland. REZ is focused on developing highly prospective and low-risk Australian mining regions.
The most recent program was investigating the potential for mineralisation along the Springfield‐Venn fault zone and a total of nine holes were drilled for an advance of approximately 900m. The most promising intervals delivered assay results of: 3m @ 0.16% Ni and 0.16% As from 34m, 6m @ 0.12% Ni and 0.05% As from 61m.
What are the next steps for REZ?
Further investigation is warranted for these nickel results obtained. The Company has stated it will re-submit the three holes that reached the target zone for Multi-Element assays for Ni & PGE’s.
REZ released a second announcement outlining the following upcoming commercial activities.
What are the next steps for REZ?
The technicals of REZ are shaping well, with a breakout at 0.034c, with one of the largest volume days this year alone.
The share price would be looking to continue this momentum and continue to push higher to that 0.05c level.
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Where to from here?
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