# RKB: Maiden MRE Confirmed At Maude Tailings Stockpiles, Mt Wills Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/rkb-maiden-mre-confirmed-at-maude-tailings-stockpiles-mt-wills--12a79ec8-15a9-4948-a0fe-aa54c5f51be5 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03155475 Publisher: asx Original announcement: 2026-10-21T21:20:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-21T22:33:29.274Z Atlas analysis updated: 2026-10-21T22:33:29.274Z - Company: Rokeby Resources Limited - Ticker: RKB - Exchange: ASX - Region: Victoria - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update - Extracted: 2026-10-21 22:33:29 UTC Narrative sentiment: 0.40 · Bullish ## Minestarters Atlas summary Rokeby Resources Limited has announced a maiden JORC compliant Inferred Mineral Resource Estimate for the Maude tailings stockpiles at its Mt Wills Gold Project in Victoria. The estimate totals 84,000 tonnes at 2.26 g/t gold for 6,100 ounces, representing a potential low-cost, at-surface gold production opportunity. While the resource is entirely Inferred and based on historical data with some QA/QC uncertainties, the company plans further drilling and metallurgical test work to upgrade confidence and support early production assessments. Reasoning: Rokeby Resources has announced a maiden JORC Inferred MRE for the Maude tailings stockpiles, which is a positive step for the project, offering potential for low-cost, at-surface gold production. However, the estimate is entirely Inferred, relies on historical data with QA/QC uncertainties, and uses an assumed bulk density, tempering confidence. - Positive factor: Maiden JORC compliant MRE for tailings stockpiles - Positive factor: Resource is at surface, implying low mining costs and potential for early production - Positive factor: Average grade of 2.26 g/t gold is good for a tailings project - Positive factor: QP/CP sign-off by a member of the Australian Institute of Geoscientists - Negative factor: Resource is entirely Inferred, indicating low geological confidence - Negative factor: Based on historical auger drilling from 1990 with limited historical QA/QC information - Negative factor: Bulk density is assumed, not measured, introducing uncertainty - Negative factor: Cut-off grade is >0 g/t Au, which is a reporting basis, not an economic cut-off, potentially including uneconomic material - Negative factor: Historical metallurgical test work showed variable recoveries, and recent high recovery from another stockpile is not assumed representative for Maude - Negative factor: No detailed operating/capital cost estimates or economic model yet Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 1 ## Classification and evidence **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The document explicitly states, 'A maiden inferred JORC compliant Mineral Resource Estimate \(MRE\) ... has been defined'. Evidence · text > A maiden inferred JORC compliant Mineral Resource Estimate \(MRE\) **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Mineral Resource has been classified entirely as Inferred, indicating a lower level of geological confidence. Evidence · text > The Mineral Resource has been classified entirely as Inferred. **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The document states, 'The Mineral Resource has been classified entirely as Inferred.' Evidence · text > The Mineral Resource has been classified entirely as Inferred. **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Mr Louis Cohalan, a Member of the Australian Institute of Geoscientists, is named as the Competent Person responsible for the Mineral Resource estimates. Evidence · text > The information in this announcement that relates to Mineral Resource estimates is based on, and fairly represents, information and supporting documentation compiled by Mr Louis Cohalan, who is a Member of the Australian Institute of Geoscientists. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The MRE is explicitly stated as 'JORC compliant'. Evidence · text > A maiden inferred JORC compliant Mineral Resource Estimate \(MRE\) **Cut-off Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: The resource is reported at >0 g/t Au, effectively applying no selective mining cut-off, which can inflate tonnage and lower average grade. Evidence · text > The Mineral Resource is reported at >0 g/t Au within the interpreted surface stockpiles envelope, effectively applying no selective mining cut-off within the surface stockpiles body. **No QA/QC Disclosure** Polarity: negative Story-specific tag Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: The document states that 'it is unclear if any QA/QC controls were implemented in sampling' for the historical data, and 'Accuracy and precision cannot be verified or quantified from the available records'. Evidence · text > It is unclear if any QA/QC controls were implemented in sampling, additional twin drilling and QA/QC verification have therefore been recommended before any upgrade in Mineral Resource confidence classification is considered. **Assumed Bulk Density** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: A bulk density of 1.5 t/m³ was used for the resource, but it 'was not measured but selected as a reasonable value for this type of deposit'. Evidence · text > A bulk density of 1.5 t/m³ was used for the updated Maude Tailings Resource. This was not measured but selected as a reasonable value for this type of deposit. **Refractory Ore** Polarity: negative Story-specific tag Definition: Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk. Why it applies: The Maude tailings are derived from 'historical treatment of variable gold ores \(including refractory sulphide ore\)', indicating potential processing challenges. Evidence · text > Maude is an engineered historical surface stockpiles comprising predominantly sands, slimes and calcines derived from the historical treatment of variable gold ores \(including refractory sulphide ore\). **Low Recovery** Polarity: negative Story-specific tag Definition: Recovery below the weak band for the commodity and processing route. Why it applies: Historical metallurgical test work on Maude tailings returned 'approximately 54–56% in bottle-roll cyanidation tests', which is below the weak band for gold CIL/CIP. Evidence · text > Historical metallurgical test work has returned variable recoveries, including approximately 54–56% in bottle-roll cyanidation tests and recoveries of up to approximately 90% in other laboratory programs. ## Extracted facts Stored fact records: 1. Some facts used in scoring do not have a stored record. ## Resource Estimates (1) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/rkb-maiden-mre-confirmed-at-maude-tailings-stockpiles-mt-wills--12a79ec8-15a9-4948-a0fe-aa54c5f51be5#fact-resource-facts-0) Mt Wills Gold Project · gold #### Identity - Project: Mt Wills Gold Project - Commodity: gold - Region: australia\_vic - Reported Region: Victoria - Ticker: RKB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Louis Cohalan - Resource group id: resource:7f3b8b729bd0b27b265c - Deposit or zone: Maude tailings stockpile - Mining method: underground - Material type: tailings #### Resource Data - Category: inferred - Tonnes: 84000 - Grade: 2.26 - Grade Unit: g/t - Contained Metal: 6100 - Contained Unit: oz - Cutoff Grade: 0 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2026-10-12 #### Lab - Laboratory: Gaffneys Creek Gold Mine laboratory #### Location - CRS: GDA94 zone 55 - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: This maiden Inferred MRE for the Maude tailings stockpiles provides a baseline resource for potential low-cost, at-surface gold production. However, the Inferred classification, reliance on historical data with QA/QC uncertainties, and assumed bulk density temper the confidence in the estimate. - Positive factor: Maiden JORC compliant MRE for tailings stockpiles - Positive factor: Resource is at surface, implying low mining costs and potential for early production - Positive factor: Average grade of 2.26 g/t gold is good for a tailings project - Positive factor: QP/CP sign-off by a member of the Australian Institute of Geoscientists - Negative factor: Resource is entirely Inferred, indicating low geological confidence - Negative factor: Based on historical auger drilling from 1990 with limited historical QA/QC information - Negative factor: Bulk density is assumed, not measured, introducing uncertainty - Negative factor: Cut-off grade is >0 g/t Au, which is a reporting basis, not an economic cut-off, potentially including uneconomic material - Negative factor: Historical metallurgical test work showed variable recoveries, and recent high recovery from another stockpile is not assumed representative for Maude - Negative factor: No detailed operating/capital cost estimates or economic model yet Evidence · table > 2.26 Context: 84,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.