Nightflower Silver Project
The Company acquired an option over the project and has since agreed to exercise the option at a discounted option price.
The mineralisation is represented by a narrow high-grade silver-lead-zinc lode which follows defined structure over several kilometres. Most historical work has focused on the Digger Lode which represents one section of the structure and where widths can extend to several metres.
Further south along the structure is the Terrace Prospect which is also identified from an historical IP survey (Axiom Mining ASX Announcement 1 July 2008) .
R3D recently announced and updated Exploration Target at 2.75 Mt @ 147 Ag Eq for 21.65 million oz Ag Eq to 5.36Mt @ 245 Ag Eq for 25.33 million oz Eq. For the Digger Lode only. Note: The Exploration Target is conceptual in nature only and there is no guarantee that further exploration will define a resource. (See ASX announcement dated 2 June 2022).
Next steps will involve down dip drilling to test mineralisation continuity of both the Digger Lode and the Terrace Prospect and upgrade historical JORC 2004 resource estimation for the Digger Lode.