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

Three miners wearing hard hats and high vis vests take a break on site at a mine as the Fortescue share price drops in FY22
Resources Shares

Did you catch what happened with the big 3 ASX 200 mining stocks in April?

BHP, Rio Tinto, and Fortescue all reported their latest mining results in April.

Read more »

Miner looking at a tablet.
Resources Shares

After its earnings result, what's Macquarie's price target on Fortescue shares?

Let’s dig into what Macquarie thinks of Fortescue after its quarterly update.

Read more »

Two mining workers on a laptop at a mine site.
Resources Shares

The Mineral Resources share price is down 72% in a year. Time to pounce?

Two top experts ran their slide rules over Mineral Resources shares. Here’s what they found.

Read more »

Miner looking at a tablet.
Resources Shares

Mineral Resources share price shoots 15% higher on third-quarter report

The ASX 200 iron ore and lithium giant has released its 3Q FY25 activities report.

Read more »

Image from either construction, mining or the oil industry of a friendly worker.
Resources Shares

Why Macquarie says this ASX 200 mining stock could rocket 67% in a year

Macquarie forecasts a big potential rebound for this diversified ASX 200 miner.

Read more »

Female miner smiling at a mine site.
Resources Shares

3 reasons why the Fortescue share price could still be a buy

Here’s why I view Fortescue as an opportunity.

Read more »

A man wearing a hard hat and high visibility vest looks out over a vast plain where heavy mining equipment can be seen in the background.
Resources Shares

Here's the latest earnings forecast out to 2029 for Rio Tinto shares

Let’s unearth what this mining giant is predicted to achieve.

Read more »

Female miner smiling in front of a mining vehicle.
Resources Shares

Is the BHP share price a buy? Here's UBS' view

Let’s dig into what an expert thinks of this mining giant.

Read more »