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Red 5 Ltd.
Summary
| Project: | King of the Hills | |
|---|---|---|
| Deposit: | Rainbow, Severn | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 5/1/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 1-5-2019: Red 5 Ltd. announces a Resource Estimation report for its Rainbow, Severn deposit at the King of the Hills project. Initial open pit resource at Rainbow and Severn deposits + new drill results. Red 5 Managing Director, Mark Williams, said the co | |
| Resources: | (Resource, I+I): 1.580Mt @ 1.3g/t Au for 67Koz Au contained at rainbow | |
| CP/QP: | [Resources]: Byron Dumpleton (Internal) | |
| ABSTRACT: | Red 5 Managing Director, Mark Williams, said the completion of maiden Mineral Resource estimates for two key near-mine deposits at Rainbow and Severn added further momentum to the Company’s ongoing bulk mining strategic review at KOTH. “This is a big free-kick for us and the ongoing KOTH bulk mining strategic review. The Rainbow and Severn deposits establish a baseline of open pit Resources within a 6km radius of a potential stand-alone processing plant at King of the Hills which can be developed to provide early mill feed. “Early cash-flow is important and our objective with this campaign is to delineate sources of oxide and transitional open pit mineralisation that can supplement production from the existing KOTH underground mining operation to feed a potential stand-alone processing plant, should further studies prove positive, during a pre-strip requirement of the KOTH open pit. “We believe there is excellent potential to continue to grow the near-mine open pit Resource base, with our ongoing regional drilling program designed to progressively test five priority near-mine targets, each of which has the potential to yield further Resources,” he said. 3 “The early success of our regional exploration campaign at KOTH once again demonstrates just how under-explored our broader tenement package is. We are confident that we can add to our already significant Resource base with sustained, focused and systematic exploration. This is an exciting opportunity for the Company alongside the bulk mining story at KOTH which will unquestionably remain the centrepiece of our growth story over the next few months.” | |
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