RCM - approvals in, silver drilling to start next week

Our silver Investment Rapid Critical Metals (ASX: RCM) has secured approvals for drilling at its Silver Project in NSW.

RCM expected to have rigs mobilising to site next week, with a second rig to follow once approvals come through.

The initial RC drill program is designed to:

• Test extensions of the new parallel lode RCM discovered on the southern corner of the Webbs deposit in December
• Extend the existing resource along the southern margin of the known ore zone
• Exploration drilling to test the southern continuation of Webbs

This was from the potential parallel lode discovery announcement in December for planned followup drilling to test:

(source)

RCM had submitted applications for a 15,000m drill program back in late January, so today’s approval clears the way for that program to get underway.

A reminder on Webbs, RCM hosts a ~67M oz silver equivalent resource across three NSW projects (Webbs, Webbs Consol, Conrads), with Webbs holding ~14.2M oz silver equivalent on its own:

(source)

It was here late last year that RCM believes it may have hit a new parallel lode to the existing known resource.

Here is what that looked like and how we see the drilling to come targeting that:

(Source)

We covered that in an article back then: RCM: Discovers new silver lode right next to its 14.2M oz silver lode…

The standout intercept from that was 2.6m @ 136g/t silver equivalent to the west of the current resource.

Which suggests there may be additional parallel mineralised structures within the Webbs system that haven’t been drilled out yet.

So this new drill program is specifically designed to test exactly that - find more parallel lodes to expand the resource meaningfully.

In the background RCM has a scoping study across its projects - which will be the first time we see potential economics of a hub and spoke operating model for its resources.

That study started back in January - so an update on that shouldn't be too far away.

RCM also acquired an 80% interest in the Tooloom Silver Project ~100km to the north east of its NSW projects, so we may get updates on exploration here also.

What's next for RCM?

🔄 Webbs drilling - rig mobilising next week

RCM confirmed today that it has received the first approval for this drill program, with a rig mobilising to site next week and RC drilling to commence once mobilised.

A second drill rig is to follow once further approvals are received (source), this will be for a combined 15,000m drill program:

(source)

🔲 Target generation on newly acquired asset

On the asset RCM acquired today we want to see the company complete LiDAR survey's, surface sampling and geophysics.

Ultimately, we want to see the historic results validated and then a bunch of drill targets ranked from most interesting to least ahead of a drill program on the project.

🔲 Scoping study at Webbs project in NSW

We want to see RCM complete a scoping study for its Webbs deposit.

Webbs is where RCM has an 67M ounce silver equivalent resource and is where RCM drilled earlier in the year and following up.

We covered those drill results here, and scoping study commencement here.

🔄 Conrad and Webbs Consol resource upgrades

Drilling and resource upgrade work across the broader NSW project area continues in parallel.

Here is a summary of what RCM is doing across its three projects:

(source)