THE DRILL SERGEANT: Red 5 Limited (ASX: RED) is preparing exploration drilling to test five high-priority regional gold targets at the company’s King of the Hills (KOTH) project in Western Australia.
Red 5 identified and ranked the five target areas using high-quality datasets comprising historical drilling by previous owners, updated geological and structural interpretations, surface geochemistry and regional aeromagnetics.
The drilling program is designed to assess the potential for both high-grade gold mineralisation as well as mineralisation to support the potential for a bulk mining operation at KOTH.
Red 5 has recently announced an initial bulk mining Mineral Resource at KOTH comprising 28.7 million tonnes grading 2 grams per tonne gold for an estimated 1.88 million ounces of contained gold.
Red 5 indicated the regional drilling program will be conducted in parallel with an underground drill program underway at KOTH aimed at extend and in-filling the current 1.88 million ounce bulk mining Mineral Resource area, with results from both sets of drilling programs to feed into the bulk mining Strategic Review.
“We are very excited about the significant untapped exploration potential at KOTH over and above the exciting new bulk mining opportunity which we are currently pursuing,” Red 5 managing director Mark Williams said in the company’s announcement to the Australian Securities Exchange.
“The broader tenement package is very under-explored, and we believe that the outstanding suite of targets we have defined have potential to develop and grow the current Resource base.
“All of the proposed drill targets have already been defined by the presence of shallow, oxide gold mineralisation, each of which are open along strike and remain completely untested down-dip into fresh rock.
“We believe that the geological setting of each target demonstrates characteristics analogous to KOTH- and Gwalia-style gold mineralisation and present significant discovery opportunities.
“This major new regional exploration program constitutes a third significant branch of exploration activity within the KOTH project over the next few months, alongside continuing assay results from the ongoing 30,000 metre underground diamond drill program and the program of assaying previously un-assayed historical drill core.”