THE DRILL SERGEANT: Red 5 (ASX: RED) is full steam ahead at the company’s King of the Hills (KOTH) gold mine in Western Australia.
Red 5 has a regional Reverse Circulation (RC) drilling program underway as well as a review of existing exploration datasets that has delivered a series of new high-priority targets.
The company said the RC program is designed to test five Tier-1 near-mine regional targets – Cerebus, Eclipse, Centauri, Cavalier and Puzzles.
The drilling program is targeting opportunities for near-term gold production, with the aim of generating early mill feed for a potential stand-alone gold processing facility at KOTH.
A recently-completed geophysicsreview by Southern Geoscience Consultants (SGC) identified new high-priority targets along the Ursus and Tarmoola Fault Zones’ structural corridors.
These datasets were composited to form a detailed litho-structural interpretation acrossthe KOTH tenure, resulting in multiple new exploration targets, of which 22 have been ranked as high-priority.
Further assessment of each target is now underway to prioritise for drill planning.
“The results from the processing of both the geophysical data by Southern Geoscience and the review of the historical exploration data confirms that just about the entire length of both the Tarmoola and Ursus Fault Zones is alive with discovery opportunities,” Red 5 managing director Mark Williams said in the company’s announcement to the Australian Securities Exchange.
“We now have drilling underway to test five initial targets, and we are building a strong pipeline of new opportunities that we will progressively and systematically test over the coming months.
“Mineralisation delineated to date within the KOTH area varies from shallow to steep dipping, with our data review indicating that a significant proportion of historical drilling may not have been deep enough to effectively test the ground for mineralisation.
“There are also large gaps between drill holes along the Ursus Fault Zone.
“The untapped potential within this region is very exciting.
“This near-mine regional exploration program at KOTH represents an important element of our bulk mining strategic review, with the real potential for these targets to deliver early mill feed for a potential future stand-alone processing plant on site, which we expect could enhance the economics of a future bulk mining operation.”