USD $4,127.96
Goldman Advanced Victorian asset brings high-grade hits, 5.8km strike and strong growth upside
Rokeby Resources Limited (ASX:RKB) has announced the acquisition of the advanced, high-grade Omeo Gold Project in Victoria, marking a significant step in the company’s growth strategy.
The Omeo Project hosts the Maude and Sunnyside deposits and is underpinned by a historical (non-JORC 2012) mineral resource, with mineralisation extending לאורך a 5.8km strike and remaining open in multiple directions. Rokeby said the acquisition provides exposure to a gold asset with substantial exploration upside and multiple value-creation pathways.
To support the transaction and near-term exploration, the company has secured firm commitments to raise $4 million via a placement to sophisticated and professional investors.
Historical drilling across the project has returned a number of standout high-grade intercepts, including:
- 0.4m @ 900 g/t Au and 0.3m @ 150 g/t Au within 15.9m @ 52.36 g/t Au (Sunnyside)
- 0.8m @ 208.9 g/t Au from 152.6m (Sunnyside)
- 0.7m @ 91.7 g/t Au within 2.3m @ 31.1 g/t Au (Maude)
- 11m @ 13.32 g/t Au, 8.5 g/t Ag, including 8.9m @ 16.21 g/t Au, 10.45 g/t Ag (Maude)
- 3.1m @ 39.56 g/t Au, including 1.2m @ 100.28 g/t Au (Sunnyside)
Rokeby plans to prioritise drilling at the Sunnyside deposit, aiming to upgrade and expand the existing historical resource, while also testing underexplored historic workings across the broader project area.
Rokeby Resources Chief Executive Officer, Trevor Benson
The acquisition of the Omeo Project represents a transformational step forward for Rokeby. Following an extensive due diligence process and multiple site visits, the Board is confident that Omeo is a high-quality gold asset with significant exploration upside, strong resource growth potential, and multiple value-creation pathways.
We have taken a disciplined and patient approach to evaluating project opportunities, and in the current market environment, advanced-stage, high-grade assets such as Omeo are exceptionally rare. The project hosts high-grade ounces already defined, mineralisation that remains open in all directions, and historic workings extending over a 5.8 kilometre strike.
The high-grade, vertically oriented mineralisation is well suited to conventional underground mining methods, consistent with the historic production record at the project.
Our first drilling campaign will commence at Sunnyside. This program is designed to upgrade the existing historical resource. In addition, several historic workings outside the current resource area have seen little or no drilling, and we plan to undertake targeted drill programs across these priority areas.
The Omeo transaction also signals a change to the Company’s leadership team. Richard Beazley, a highly experienced mining engineer with more than 35 years in the resources sector, will join as Managing Director. Tim Pallas is also proposed as a Non-Executive Chairman. Tim is one of Victoria’s most experienced and respected political leaders, having served in the Victorian Parliament for approximately 20 years. He was the longest-serving Treasurer in the state’s history and held several senior portfolios, including Minister for Resources. Securing someone of Tim’s calibre is a significant achievement for the Company, and we are pleased he recognises the substantial growth potential at Omeo.
