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Red 5 Ltd.
Summary
| Project: | Darlot Gold Mine | |
|---|---|---|
| Deposit: | Darlot Gold Mine | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 12/21/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 21-12-2017: Red 5 Ltd. announces a Resource Estimation report for its Darlot Gold Mine deposit at the Darlot Gold Mine project. Mineral Resource and Ore Reserve urgrade, First JORC compliance. Red 5 Limited (“Red 5” or “the Company”) (ASX: RED) is pleased | |
| Resources: | (Reserve, Prob): 1Mt @ 4.0g/t Au for 131Koz contained at project | |
| CP/QP: | [Resources]: Bryon Dumpleton (Internal) | |
| ABSTRACT: | Red 5 Limited (“Red 5” or “the Company”) (ASX: RED) is pleased to advise that its Eastern Goldfields consolidation strategy is delivering results on several fronts, with the completion of a maiden 895,000 ounce JORC 2012 Mineral Resource and maiden 131,000 ounce Ore Reserve for the 100%-owned Darlot Gold Mine in Western Australia (Figure 1) providing the foundation for the Group’s first production guidance outlook for its Australian operations for calendar year 2018. Mineral Resources for the Darlot Gold Mine are now reported for the first time under the JORC Code since the 1990s, with Mineral Resources now reported in accordance with the JORC 2012 Code, a significant milestone for the Group which follows an extensive re-evaluation of the previously reported SAMREC estimates completed by the previous owner, a subsidiary of Gold Fields Limited (1.2Mt at 5.97g/t Au for 224,000oz²). The significant increase in the Resource base is primarily due to the inclusion of areas deemed by the previous owner for SAMREC estimate reporting purposes to have been sterilised, including numerous areas which are now being targeted as part of Red 5’s mining strategy at Darlot together with reduced mining cut off grades and additional areas not quoted previously – which is already underway and delivering promising results. Together with previously reported JORC 2012 Mineral Resources for the KOTH Project, this increases the Group’s JORC Mineral Resource inventory of Measured, Indicated and Inferred in Western Australia’s Eastern Goldfields to 1.3 million ounces. | |
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