R3D pushes ahead at Mountain Maid following ASX debut

R3D RESOURCES has submitted plans for its Mountain Maid gold project to the Queensland environmental regulator and completed a gravitational survey of two other projects.
R3D pushes ahead at Mountain Maid following ASX debut R3D pushes ahead at Mountain Maid following ASX debut R3D pushes ahead at Mountain Maid following ASX debut R3D pushes ahead at Mountain Maid following ASX debut R3D pushes ahead at Mountain Maid following ASX debut

Paul Hunt

Senior Journalist: Energy & Commodities

Paul Hunt

The junior metals explorer, formerly Tartana Resources, is led by executive chairman Stephen Bartrop and joined the Australian Securities Exchange last month via a backdoor listing.

It seems the listing, which raised $4.25 million, has already paid off after R3D's plans for the Mountain Maid project became public.

An environmental plan lodged by R3D revealed plans to develop the historic copper-gold mine as an open cut with two heap leach pads and an adsorption-desorption-recovery plant.

The company noted Mountain Maid by itself could not support development of a mine and construction of heap leach pads, so it was looking to another project called Valentino to bolster economics.

"Management has recently identified near surface leachable gold mineralisation at its Valentino project in a potentially extensive area within its own leases," R3D said.

Ore would be trucked from Mountain Maid to the nearby Tartana copper mine site for processing.

R3D estimated production of 2 million tonnes per annum for 15,000-20,000 ounces of gold from Mountain Maid.

Mountain Maid's development is expected to cost about $20 million with annual revenue over an eight-year mine life of $37.5 million.

R3D said it had been approached by third parties seeking to process their own resources at its planned processing facilities.

This month, R3D advised it had completed a gravitational survey across its Bellevue and Drive River gold projects in Northern Queensland.

The  survey covered 25km of the ‘OK' member, which revealed 11 copper-gold prospects.