EKJV’s Hornet Drilling Success Raises Stakes for FY25 Mining Risks
Rand Mining Ltd reports strong December quarter drilling results at the Hornet deposit within the East Kundana Joint Venture, setting the stage for open pit mining in FY25. The exploration highlights high-grade gold mineralisation and outlines a clear path for resource updates and further discovery drilling.
- 4,158 metres of RC drilling completed at Hornet deposit
- High-grade mineralised zones defined within Mary Fault mineralisation
- Open pit mining planned to commence in FY25 Q4
- Resource updates scheduled for Hornet, Raleigh, and RHP
- Discovery drilling planned at Ambition prospect in FY25 Q4
Exploration Progress at Hornet
Rand Mining Ltd, as part of the East Kundana Joint Venture (EKJV), has delivered a robust exploration update for the December 2024 quarter. The company completed an extensive 4,158 metres of Reverse Circulation (RC) drilling focused on the Hornet deposit, located strategically between Kalgoorlie and Coolgardie in Western Australia. This drilling campaign was designed to infill and delineate the high-grade gold mineralisation within the Mary Fault zone, a key structural feature of the deposit.
The drilling density achieved, down to 5 metres by 5 metres spacing, reflects a rigorous approach to confirming continuity of mineralisation ahead of the planned open pit mining sequence scheduled for the fourth quarter of FY25. The results have been encouraging, with assays confirming significant high-grade zones that will underpin an updated Mineral Resource estimate and mining plan.
Strategic Joint Venture and Regional Context
The EKJV is a collaborative effort with Evolution Mining Limited holding the majority 51% stake, Tribune Resources Ltd at 36.75%, and Rand Mining Ltd retaining 12.25%. The joint venture benefits from a rich geological setting within the Norseman-Wiluna Greenstone Belt, intersected by the Zuleika Shear Zone, a prolific gold-bearing structure. The Hornet deposit itself is characterised by laminated vein-hosted gold mineralisation on the K2 plane of the Zuleika shear, complemented by associated structures that enhance the deposit’s complexity and potential.
Future Exploration and Resource Development
Looking ahead, the EKJV partners plan to update Mineral Resource estimates not only for Hornet but also for the Raleigh and RHP underground deposits. Resource development drilling at Raleigh is slated for the third quarter of FY25, targeting the up-dip continuation of the Sadler ore zone. Additionally, discovery drilling is scheduled for the Ambition prospect in the fourth quarter of FY25, aiming to test the Centenary Main Vein, which is a principal structure hosting Kundana mineralisation.
The comprehensive sampling and assay protocols, overseen by competent geologists and adhering to industry best practices, lend confidence to the quality and reliability of the reported results. The detailed geological logging, rigorous quality control measures, and precise survey techniques ensure that the data supports robust resource modelling and mine planning.
Implications for Rand Mining and EKJV Partners
For Rand Mining Ltd, these exploration advances represent a critical step towards ramping up production and enhancing the value of its stake in the EKJV. The high-grade results at Hornet reinforce the deposit’s economic potential and provide a solid foundation for the upcoming open pit mining operations. Meanwhile, the planned resource updates and discovery drilling activities signal ongoing growth opportunities within the joint venture’s portfolio.
As the EKJV progresses towards mining execution, market participants will be closely watching the forthcoming resource updates and the outcomes of exploration at Ambition and Raleigh. These developments will be pivotal in shaping the joint venture’s production profile and, by extension, Rand Mining’s future earnings trajectory.
Bottom Line?
Hornet’s high-grade drilling success sets a promising stage for EKJV’s FY25 mining ramp-up and resource growth.
Questions in the middle?
- How will the updated Mineral Resource estimates impact EKJV’s mine planning and production forecasts?
- What are the potential scale and grade expectations for the Ambition prospect discovery drilling?
- How might Rand Mining’s 12.25% stake in EKJV translate into financial returns given the new drilling results?
