RML follows up discovery hole with 253m at 1.5g/t gold hit, ending in mineralisation
Our US critical minerals Investment Resolution Minerals (ASX: RML) has just confirmed a “Large, open intrusion-related gold system” at its project next door to $4.5BN Perpetua Resources.
So RML has proven its theory that its ground hosts similar structures (intrusion-related gold system) that hosts Perpetua’s giant deposit.
RML announced a discovery hole from its first drill hole last week.
Then today followed it up with another two holes - both of which hit gold from surface and ended in mineralisation over 250m+ intercepts…
What is rare to see and a very solid surprise - the second hole was even better than the discovery hole at 253m at 1.5g/t gold from surface… ended in gold mineralisation.
(inside that intercept was two high grade intervals too - 111.9m @ 2.31 g/t gold and 18.3m @ 3.98 g/t gold).
(Source)
Now we know RML’s discovery extends ~75m north-east…
And there are more assays pending that could extend the discovery even more along strike:
(Source)
And we also noticed RML is looking to get an RC rig on site to start following up the first batch of holes…
(Source)
Our immediate reaction now, when RML puts out drill results, is to check and see how they compare to the results from its neighbour’s project (Perpetua Resources).
Perpetua’s project has a ~6M ounce gold, 206M lb antimony deposit resource estimate.
When Perpetua is in production it will be one of the biggest open-pit gold mines in the USA.
Perpetua’s deposit has an average grade of ~1.42g/t gold.
(Source)
One of RML’s drill hits today was for 253m at 1.5g/t gold from surface, ending in mineralisation.
So the grades are there or thereabouts…
The most interesting difference to us is that it looks like RML’s drillholes are even bigger than Perpetua’s (albeit at lower grades).
Some of the best hits from Perpetua’s project were 194m thick intercepts with 2.5g/t gold grades. (source)
RML’s hits are 250m+ AND ending in mineralisation…
What’s next for RML?
Drilling (underway) with assays pending 🔄
RML is currently drilling its Golden Gate target, with the expanded drill program having doubled in size.
Assays from the first hole have been released, with another 7 to follow.
RML is expecting to go back to back and get a maiden resource out by the second half of 2026:
(Source)
US government funding 🔄
RML’s CEO of US operations, in a recent interview specifically said RML would attempt to get “non dilutive funding from the US defence industry”.
(Check out the full interview with CEO of US operations - Craig Lindsay here)
We think that any funding announcement (especially if it's non-dilutive) could be big for RML.
First because it would give the company cash to put into the ground and second because it would bring a new set of eyeballs to the stock (from the US crowd).
US NASDAQ Listing 🔄
RML is also progressing with a NASDAQ listing; legal applications have been made. RML wants to list on the NASDAQ next quarter.
RML has engaged Roth Capital Partners to run the NASDAQ listing process. (Source)
Interestingly, Roth was behind the recent capital raises done by Perpetua Resources.
(Source)
We said in a previous RML note that there would likely be a big crowd of investors that have made money on Perpetua now looking for “Perpetua 2.0...”
Roth, having helped just close out that US$425M raise for Perpetua, will likely know how to find those people and introduce them to RML.
(Additionally Roth have had success with bringing ASX companies to the right US investors before, which we covered here)
Soil sampling program 🔄
With the project wide sediment soil sampling program underway, results from this could help define high priority targets.
Testing the theory that next door neighbour Perpatua could have part of this mineralisation with more yet to be found on RML’s side.
The company expects that if positive results are found from this, follow up work would likely include mapping, grid soil programs, ground geophysical surveys and drill testing.
