THE DRILL SERGEANT: Red 5 Limited (ASX: RED) made sure everybody remains up to speed with progress of the Final Feasibility Study (FFS) that is underway at the company’s King of the Hills (KOTH) gold project in Western Australia.
Red 5 declared it has made substantial progress across all workstreams to facilitate the completion of the FFS, which is due in the September 2020 Quarter is for the proposed stand-alone integrated bulk open pit and underground mining and processing operation at King of the Hills.
The company explained that results from assaying of some 32,000 metres of historical diamond drilling core, together with results from ongoing underground drilling programs, will underpin the completion of an update to the current 3.1 million ounces Mineral Resource estimate for KOTH.
This update is now expected to be delivered earlier than forecast and reported this month.
“We have completed a significant amount of work already, with the next major deliverable to be an update to the current 3.11 million ounce Mineral Resource estimate, which we expect to be able to report this month,” Red 5 managing director Mark Williams said in the company’s announcement to the Australian Securities Exchange.
“The Resource model will enable us to finalise mine planning and the completion of an updated bulk open pit and underground Ore Reserve for King of the Hills.
“We are delighted to have appointed an experienced Construction Manager who will join the team later this month.
“We are also close to finalising the infrastructure and site layout, with results from sterilisation drilling expected shortly.
“A clear pathway for project approvals has been defined with no significant hurdles expected given this is a brownfields mine development with a long operating history.
“Collectively, these programs put us well on track to complete the Final Feasibility Study for the integrated bulk open pit and underground mining operation in the September Quarter 2020.”