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- Resources and Energy Group (REZ) has sold its interest in Radio Gold for $1.5 million to Summit Resource Holdings
- The settlement will be paid out in four payments, with the last payment set to be finalised on July 15
- REZ’s interest will be passed once the final payment is made
- Meanwhile, Resources and Energy is continuing to work on its scoping study and resource identification for the Mount Mackenzie mine site
- The company is also drilling as planned at its flagship mine, East Menzies
- Resources and Energy is up 6.67 per cent on the market today, trading for 1.6 cents each
Resources and Energy Group (REZ) has sold its interest in Radio Gold for $1.5 million to Summit Resource Holdings.
Resources and Energy is a mineral resources exploration and development company, with projects in Western Australia and Queensland.
The settlement will be paid out in four payments, with the last payment set to be finalised on July 15. REZ’s interest will be passed once the final payment is made.
Radio Gold is located eight kilometres north-west of Bullfinch, Western Australia and 400 kilometres from Perth. From 1918 to 1974, underground mining at Radio produced over 71,000 ounces of gold at a grade of 38.5 grams per tonne.
“The gradual easing of COVID-19 restrictions and settlement of the Radio Gold sale means we can now move ahead with the highly prospective East Menzies Gold Project,” Director Richard Poole said.
Mt Mackenzie Project
Resources and Energy is continuing to work on the scoping study and resource identification for its Mount Mackenzie mine site.
“To understand the impact a higher gold price and increased throughput capacity have on the financial performance of the project, REZ has been re-evaluating the project’s mineral resource estimate and plan to release an update on this within the next week,” the company said.
East Menzies Project
At the East Menzies project, additional drilling is being planned to further explore the targeted areas. Additional programs have also been planned and submitted to the Department of Mines.
Resources and Energy is up 6.67 per cent on the market today, trading for 1.6 cents each at 11:58 am AEST.
