Red 5 Scores Big Hits Assaying Historical KOTH Core

THE DRILL SERGEANT: Red 5 Limited (ASX: RED) is continuing to produce encouraging results from ongoing assaying of historical diamond drill core from the King of the Hills (KOTH) gold mine, located in the Eastern Goldfields region of Western Australia.

Red 5 said the results confirm the presence of gold mineralisation by revealing zones in areas that have been assigned zero grade in the current 3.1 million ounce Resource model.

Latest highlights include:

3m at 13.3 grams per tonne gold;

1.4m at 30g/t gold;

16m at 2.6g/t gold;

7m at 5.0g/t gold;

3m at 16.8g/t gold;

15.4m at 2.6g/t gold;

2.8m at 14.4g/t gold;

1m at 39.9g/t gold;

14.1m at 5.2g/t gold;

10m at 3.6g/t gold;

4.5m at 7.6g/t gold;

7.2m at 6.0g/t gold;

6.6m at 6.2g/t gold;

18m at 1.8g/t gold;

2.6m at 66g/t gold;

8m at 5.8g/t gold; and

7.2m at 4.6g/t gold.

Red 5 has now assayed a total of 17,047m of previously unassayed drill core from 266 historical diamond holes, representing approximately 49 per cent of the total length of these holes.

A further 12,600m of un-sampled intervals of historical drill core has been identified and is planned to be assayed, bringing the total to around 30,000m (compared to the initial estimate of 20,000m).

Red 5 explained that assaying of historical core is being undertaken in parallel with underground diamond drilling programs, with approximately 85,000m of drilling planned for FY2020.

The company is conducting the assay program for historical drill core in parallel with ongoing underground drilling as it considers both programs offer strong potential to expand the existing 3.1 million ounce KOTH Mineral Resource base.

“This program has been a big free kick for the project and company,” Red 5 managing director Mark Williams said in the company’s announcement to the Australian Securities Exchange.

“We continue to see very positive results from systematically assaying the extensive quantity of previously unassayed historical core available at KOTH, with the results demonstrating the presence of significant amounts of gold mineralisation located in between the high-grade veins that were the primary focus for past owners.

“In parallel, we are progressing the major underground drill program at King of the Hills, with planning underway to drill approximately 85,000 metres for FY2020.

“Assay results from this ongoing drilling will be progressively announced in due course.

“These programs will both feed into future Mineral Resource updates, as well as the ongoing Final Feasibility Study for the integrated bulk open pit and underground mining operation at KOTH, which is scheduled for completion by mid next year.”