- 0142-hole drilling extends Golden Gate gold zones north and south.
- 02South hit 305.7m at 0.64g/t; peak 14.8g/t.
- 03RML plans up to $10m loan; $2.5m first draw.
Resolution Minerals (ASX: RML) has completed a 42-hole diamond drilling program at its Horse Heaven project in Idaho, with initial results extending gold mineralisation across the Golden Gate prospect.
Totalling 12,236 metres, the program tested gold extensions alongside tungsten targets at Golden Gate North and South.
Assays from the southern prospect established gold mineralisation at least 2,000m south of Golden Gate North, while subsequent northern results confirmed a mineralised zone extending more than 500m.
The exploration progress comes as Resolution arranges a loan facility of up to $10 million following a September quarter that ended with $1.64m in cash.
Wider Southern System
Six Golden Gate South holes intersected gold across a zone approximately 600m wide on the southernmost drilling section, although mineralisation was less continuous to the west.
An initial southern intersection returned 305.7m grading 0.64 grams per tonne gold from surface, establishing a broad mineralised interval within the target area.
Further results included 7.2m at 2.35g/t gold, including 1m at 14.8g/t, and 10.2m at 1.83g/t gold, including 1m at 7g/t.
These higher-grade samples—which were the strongest gold grades recorded in drilling at Horse Heaven to date—potentially indicate feeder zones within the broader system.
Geological interpretation links the mineralisation to steeply dipping features branching from the Golden Gate Shear Zone, with differing drill orientations used to investigate its geometry.
Extended Northern Footprint
Gold assays released on 26 October from three Golden Gate North holes identified broad mineralised intervals that extend from surface through much of two holes.
The strongest broad intersections measured 324m at 0.49g/t gold and 322m at 0.37g/t gold from surface, with another hole returning 134.2m at 0.40g/t.
Together the results confirm an open-ended mineralised zone spanning more than 500m, at least 200m wide and reaching a true depth of at least 300m.
Historical soil sampling suggests potential for a further 500m extension northwards, but this remains to be tested by drilling.
Resolution is processing outstanding results from the completed program, with a further 32 holes earmarked for release as it progresses permitting for 2027 exploration at Golden Gate and Antimony Ridge.
Exploration Funding Support
The September quarter involved $6.34m in exploration expenditure, predominantly for Horse Heaven drilling and associated technical work, while net operating cash outflows reached $2.38m.
With quarterly relevant outgoings of $8.72m, the cash-flow statement calculated only 0.2 quarters of funding at the historical spending rate, although Resolution expects lower exploration costs following completion of drilling.
Under an agreement involving Harbour Capital Opportunities Fund and Oakley Capital Partners, the first $2.5m loan drawdown is planned immediately, a further $2.5m is at Resolution’s election and the remaining $5m requires mutual agreement in two tranches.
Borrowings carry 12% annual interest and mature six months after drawdown, while the arrangement includes option and cash fees, with securities issuance subject to shareholder approval.
Resolution also identified a $10.8m second tranche of an earlier placement and potential proceeds of about $9.3m from option exercises, neither of which should be treated as cash already received.
Nasdaq Market Access
Resolution began trading on the Nasdaq Capital Market on 9 September under the ticker RML, complementing its existing Australian listing.
Each American depositary share represents 200 ordinary shares, with the US listing completed without an associated capital raising.
The additional market access is intended to widen the company’s potential US investor audience rather than deliver immediate funding for Horse Heaven.
Alongside exploration permitting, Resolution is developing a plan to process existing tungsten stockpiles and continuing metallurgical test work.
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