The Ramelius Resources Ltd (ASX: RMS) share price is in focus today after the company released exploration results for its Dalgaranga project, highlighting high-grade gold discoveries that suggest new underground mining potential at Gilbey's.
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What did Ramelius Resources report?
- Exceptional drill results from Gilbey's Underground, including 3.9m at 21.2g/t Au and 6.1m at 10.4g/t Au
- Total Mineral Resources at Gilbey's Underground stand at 6.9Mt at 1.9g/t for 380,000oz gold
- Exploration Target area estimates an additional 2.1–4.7Mt at 1.5–2.0g/t for 100,000–300,000oz (conceptual)
- Strong exploration intersections at Sly Fox, with 16.5m at 2.45g/t Au and 0.6m at 24.3g/t Au
- Ongoing drilling also targeting open pit cutbacks and further extensions at Dalgaranga corridor
What else do investors need to know?
Drilling at Gilbey's Underground, specifically West Winds and Four Pillars, is validating previous resource estimates and has the company considering this area for its next underground mine at Dalgaranga. The results could displace lower-grade ore previously scheduled for input into the mill in FY29 and FY30, supporting Ramelius's broader production goals.
At the Plymouth-Sly Fox region, drilling is focused on adding higher-grade underground and open pit options to future production schedules. Several new drill results, some pending, are pointing towards potential resource growth. The company also has exploration underway at the nearby Golden Wings and Gilbey's South areas, with further results expected.
What did Ramelius Resources management say?
Executive General Manager Exploration Peter Ruzicka said:
We continue to be impressed by what the Dalgaranga system has to offer with high-grade remaining a consistent feature. Our exploration strategy, targeting high-grade opportunities is delivering. These early drill results further enhance our confidence that Gilbey's Underground (West Winds and Four Pillars) has the potential to become the next underground mine at Dalgaranga. Our strategy of defining additional resources at these existing assets while making new discoveries within the northern corridor is progressing well. We have yet to realise the full potential for new opportunities to grow within this developing operation for Ramelius.
What's next for Ramelius Resources?
Ramelius plans to commence further drilling at Gilbey's Underground in late April 2026, aiming to upgrade more resources and extend known high-grade zones. Additional resource definition and exploration are also planned for the Sly Fox and Plymouth deposits, with an eye to incorporating these into future technical studies and mine planning.
The company is striving to lift its group gold production above the targeted 525,000 ounces per annum by FY30, through both conversion of inferred resources and new discoveries along the Dalgaranga mine corridor.
Ramelius Resources share price snapshot
Over the past 12 months, Ramelius Resources shares have risen 33%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 14% over the same period.
