Why is the Rand Mining (ASX:RND) share price falling today?

Rand Mining Ltd (ASX: RND) shares dropped by close to 3% today after the company released its exploration report for the March 2021 quarter.

| More on:
mining asx shares represented by miner writing report on clipboard

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Rand Mining Ltd (ASX: RND) share price is falling today after the company released its EKJV exploration report for the quarter ended 31 March 2021.

At the time of writing, the Rand Mining share price is down 2.58% to $1.51 cents per share.

Rand Mining's focus is gold mineralisation, and the exploration, development and production activities at East Kundana Joint Venture tenements. Kundana is an abandoned former mining town in Western Australia, in the Esperance Goldfield region. Let's take a look at its most recent results.

Rand Mining's recent Kundana results

The first thing you'll realise is Rand Mining has a certain inventive sense of adventure when naming its exploration and drilling program prospects.

The first set of results the company released covers its Star Trek, Rubicon and Hera areas, and the second covers its Hornet-Pegasus-Falcon exploration regions. The company's update also provided positive reports around its Pode drilling area.

Rand Mining discovered gold mineralisation from 1.6 g/t AU at 234 metres deep to 9.7 g/t AU from 162 to 168 metres deep at Hornet. Assays also revealed mineralisation from 2.5 g/t AU at 52 metres deep to 8.6 g/t AU at 46 metres deep in Star Trek.

Rand Mining said the company's drilling at 10 targets at its Pode structure "returned intercept results with significant gold mineralisation during the quarter."

Most of the company's drilling holes in its Pode area intercepted two or more stacked lode structures, which are ore deposits within the rock layers that often contain rich mineral deposits, in this case gold.

Rand Mining also noted its plans for the future will focus on the company's Pode, Hera, Rubicon and Star Trek.

Exploration drilling during the next quarter will continue to test the southern extents of the Pode and Hera structures following on from the recent results. Further exploration drilling targeting the Rubicon hanging wall and Startrek prospect will recommence towards the end of the quarter.

Rand Mining share price snapshot

The Rand Mining share price has been tumbling over the past 12 months and is down across every time span metric: 6% this past week, 1.9% the past month, 16% in 2021 so far and 17% over the past year.

More on Resources Shares

Miner holding cash which represents dividends.
Dividend Investing

A 22% yield on Fortescue shares? Here's how these passive income investors achieved it!

Fortescue shares are popular among passive income investors for their juicy fully-franked dividends.

Read more »

Miner looking at a tablet.
Resources Shares

How global job cuts could boost the BHP share price

The mining giant is planning cost-cutting to help its profits.

Read more »

Man with rocket wings which have flames coming out of them.
Share Gainers

This ASX All Ords stock just surged 88% in less than 3 days! Any guesses?

The ASX All Ords stock is drawing intense buying interest from investors this week.

Read more »

Scared looking people on a rollercoaster ride representing the volatile Mineral Resources share price in 2022
Resources Shares

How is the Fortescue share price down 3% today?

Shareholders should be cheering today's Fortescue losses.

Read more »

2 people at mining site, bhp share price, mining shares
Resources Shares

Why is the BHP share price trailing the ASX 200 on Tuesday?

BHP shares are underperforming the ASX 200 today.

Read more »

Image of young successful engineer, with blueprints, notepad and digital tablet, observing the project implementation on construction site and in mine.
Resources Shares

These ASX 200 mining stocks can deliver 20%+ returns

Analysts are tipping big returns from these miners.

Read more »

Miner looking at a tablet.
Mergers & Acquisitions

Alumina shares leap 8% on Alcoa takeover bid

ASX 200 investors are sending the Alumina share price soaring following confirmation of Alcoa’s takeover intentions.

Read more »

two men in hard hats and high visibility jackets look together at a laptop screen that one of the men in holding at a mine site.
Resources Shares

Here's the BHP dividend forecast through to 2026

This miner is committed to paying appealing dividends.

Read more »