Rand Mining Ltd (ASX: RND) shares dropped by close to 3% today after the company released its exploration report for the March 2021 quarter.
The post Why is the Rand Mining (ASX:RND) share price falling today? appeared first on The Motley Fool Australia. –
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.
Where to invest $1,000 right now
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
- Why Zip (ASX:Z1P) and these ASX shares are rated as buys
- Downer (ASX:DOW) share price may only be at start of a capital return cycle
- The ASX 200 just had its slowest quarter in 12 months
- Will 2021 go down as the year A2 and other milk share prices turned sour?
- Brokers rate these ASX 200 shares a buy after quarterly results