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Red 5 Ltd.
Summary
| Project: | Darlot Gold Mine | |
|---|---|---|
| Deposit: | Darlot Gold Mine | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 2/10/2020 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 10-2-2020: Red 5 Ltd. announces a Resource Estimation report for its Darlot Gold Mine deposit at the Darlot Gold Mine project. Updated resource and reserve plus new drill results incl. 9.6m @ 10.9g/t Au. Red 5 Managing Director, Mark Williams, said: “Darl | |
| Resources: | (Reserve, P+P): 2.576Mt @ 3.3g/t Au | |
| CP/QP: | [Resources]: Byron Dumpleton (Internal) | |
| ABSTRACT: | Red 5 Managing Director, Mark Williams, said: “Darlot is an exceptional gold system and our ongoing Resource and Reserve development programs are delivering growth across multiple fronts. This announcement is part of a number of workstreams currently underway to progress Red 5’s Darlot Hub Mining Strategy, which is aimed at establishing a five to ten year mine life at Darlot, as a stand-alone mining operation, complementing the proposed development of King of the Hills and establishing two growth pillars of a leading mid-tier Australian gold producer.” “When Red 5 purchased the Darlot Gold Mine in 2017, the acquisition included a significant high-grade nonJORC mineral endowment that required review, confirmation and design by our Geology and Mining Engineering team before it could be included within our Resource and Reserve estimates. “This includes areas deemed by the previous owner to have been sterilised, together with additional areas – including several oxide open pit deposits – that were modelled but never upgraded to JORC compliance. “Red 5 has been working to convert these areas to Resource and Reserve status, with the work completed to date, together with extensional drilling at Lords Felsics, increasing our Reserve base by 26 per cent to 275kozs and our Resource base by 16 per cent to 1.2Moz since the previous estimates reported as at 30 June 2019, net of the ounces produced up to 31 December 2019. “Importantly, we also see opportunities for further growth. We have recently increased our budget for Darlot expansion programs in FY20, committing an additional $2.3 million for Resource drilling as well as $2.0 million to accelerate underground mine development to access new mining areas and open up new underground exploration platforms. This brings our total geology budget for Darlot to $10.1 million for current financial year. “Work programs include 12,500m of underground drilling and 6,000m of surface drilling at the Darlot mine, as well as an 11,000m regional drilling program, with processing studies also underway with the goal of extending our Reserve base within trucking distance of the Darlot mill. “With the Final Feasibility Study well advanced for the establishment of a stand-alone mining and processing operation at King of the Hills, this would potentially provide Red 5 with two highquality, long-life mining hubs in the world-class Eastern Goldfields region of Western Australia.” | |
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