Reward Minerals is preparing to drill the Jackpot prospect at its Newfoundland project after assays returned 8.16 g/t gold and 0.27% copper. The Bingo prospect, 400 metres along strike, returned 1.55 g/t gold in soil sampling, lifting it to the second-highest priority target.
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Reward Minerals (ASX:RWD) is moving toward a maiden drilling program at its Mountain Pond gold and copper project in Newfoundland, after rock chip and soil sampling returned high-grade results.
Site access clearing and drilling permit approvals are expected within four weeks, the company said. Preparations are already underway to start drilling at the Jackpot prospect as soon as those permits land.
New outcrop assays from Jackpot confirmed strong gold-copper grades. The best hit was 8.16 grams per tonne (g/t) gold with 0.27% copper. Other samples returned 4.61 g/t gold with 0.65% copper and 4.26 g/t gold with 0.19% copper.
CEO Lorry Hughes said soil sampling at the Bingo prospect, 400 metres along strike from Jackpot, returned a high-grade assay of 1.55 g/t gold, making it the second-highest priority target after Jackpot.
“Results from Jackpot and Bingo have confirmed the project’s prospectivity for gold and copper and highlight the potential to add scale,” Hughes said.
At Bingo, a small number of soil samples collected by prospectors earlier this year returned results in the 50–200 ppb gold range, initially defining the prospect. A recent 1,547 ppb gold result gave the company confidence to expand soil coverage and consider trenching and vegetation clearing to support more detailed prospecting and future drilling.
The Jackpot vein, about 400 metres along strike from Bingo, was originally discovered from a single 80 ppb gold soil sample. Follow-up prospecting uncovered a well-mineralised vein and shear zone beneath thick vegetation.
“The more widespread and higher gold values now identified at Bingo are encouraging for the potential discovery of new bedrock mineralisation in the area,” Hughes said.
Bingo is 200 metres from the existing project access road, making logistics straightforward.
The Mountain Pond project sits in central northern Newfoundland, seven kilometres northeast of the mining service town of Springdale. It covers 41 contiguous claims across 10 square kilometres of underexplored terrain. The project has never been drill tested, Hughes said.
RWD traded at 2.8 cents before the announcement, giving it a market cap of roughly A$7.7 million.
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