Red 5 Hits KOTH Halfway Mark

THE DRILL SERGEANT: Red 5 Limited (ASX: RED) informed the market of progress eing made at the company’s King of the Hills (KOTH) gold project in Western Australia.

Red 5 reported that development of 2.4 million ounces, 16-year Life-Of-Mine KOTH project has now passed the 50 per cent project completion milestone and is currently progressing on schedule for first gold in the June Quarter 2022 and remains within budget.

“It’s great to see our new state-of-the-art King of the Hills project now really beginning to take shape…rapidly expanding footprint of the site,” Red 5 managing director Mark Williams said in the company’s ASX announcement.

“Construction of the CIL tanks is well advanced, with all eight tanks at full height.

“All steelwork and platework for the process plant has been awarded for fabrication and, remarkably, nearly 80 per cent of this steelwork is already on site together with many key components for the SAG mill.

“The mill installation crews are now on site and have started preparing the mill sole plates for installation.

“It’s very pleasing to have passed the 50 per cent project completion milestone and EPC contractor MACA Interquip continues to perform strongly.

“The countdown is now well and truly on towards project commissioning and first gold from Australia’s next major gold mine in the June Quarter 2022.

“Despite the challenging environment for people, equipment and services across the WA mining industry, King of the Hills remains within budget and on schedule, which is a credit to the diligence, hard work and focus of our team.”