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RAMELIUS RESOURCES LIMITED Capital/Financing Update 2004
65718_rns_2004-03-01_4375cb5e-c828-44d1-9c8d-fe1522363663.pdf
Capital/Financing Update
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For Immediate Release 2 March. 2004
RAMELIUS TO DRILL HILDITCH W.A. NICKEL PROJECT
Ramelius Resources Limited today announced that it had contracted Kalgoorliebased drilling contractors, Mondrill Pty Ltd to commence a 2,000 metre rotary air blast (RAB) drill program over its Hildtich nickel project in the Spargoville region of Western Australia's Fastern Goldfields
The Company's preliminary drilling of its Hilditch nickel project in Western Australia will be carried out with a view to commencing deeper drilling by early May.
"The Hilditch nickel project area is on trend and north of Titan Resources' current Armstrong mine development," Ramelius' Managing Director, Mr Joe Houldsworth, said today.
"Between it and the Armstrong mine are a string of abutting nickel projects including McEwen, Zabel, 5B and 1A, so we have high expectations from the drilling program." Mr Houldsworth said.
"Hilditch exhibits very strong prospectivity with the anomalies within the Spargoville Belt individually identified through the full spectrum of geochemical, geophysical and aeromagnetic work."
"Such a positive anomaly outcome has provided an excellent starting base for our mainstream nickel exploration on the acreage."
"The RAB program aims to provide detailed geochemical and geological information and possible further indications of bedrock nickel mineralisation, to enable accurate targeting for a follow-up reverse circulation (RC) drilling schedule."
"Subject to results from the RAB drilling to 40 metre depth, we are planning to commence a 2,000 metre deeper RC drilling program by late April or early May 2004."
Mr Houldsworth said the RAB drilling would also extend to cover the Hilditch Gold anomaly approximately 300 metres east of the nickel targets.
issued through FIELD PUBLIC RELATIONS PTY LTD ABN 74 008 222 311 231 South Road, MILE END SA 5031 Ph: 08 8234 9555 Fax: 08 8234 9566 [email protected]
Ramelius is currently raising additional capital through a Rights Issue at 11 cents per share, of which $2.5 million has been underwritten by Pitt Capital Partners Limited. The Rights Issue closes on Friday, 5 March 2004.
Hilditch Nickel Project Location Map:
MEDIA CONTACT: Joe Houldsworth Ramelius Resources Limited 08 9250 6644
issued through FIELD PUBLIC RELATIONS PTY LTD ABN 74 008 222 311 231 South Road, MILE END SA 5031 Ph: 08 8234 9555 Fax: 08 8234 9566 [email protected]