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Red 5 Ltd.
Summary
| Project: | King of the Hills | |
|---|---|---|
| Deposit: | King of the Hills | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 8/2/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 2-8-2018: Red 5 Ltd. announces a Resource Estimation report for its King of the Hills deposit at the King of the Hills project. Initial ore reserve estimate at the King of the Hills mines. Red 5 Limited (“Red 5” or “the Company”) (ASX: RED) is on-track to | |
| Resources: | (Reserve, Prob): 0.72Mt @ 3.8g/t Au for 88.8Koz contained at project | |
| CP/QP: | [Resources]: Bryon Dumpleton (Internal) | |
| ABSTRACT: | Red 5 Limited (“Red 5” or “the Company”) (ASX: RED) is on-track to become a +100,000ozpa Australian gold producer following the completion of a major Mineral Resource and Ore Reserve upgrade for its Western Australian gold operations and the announcement of production guidance for the 2019 financial year. This does not take into account any recommencement of the Siana mine operations in the Philippines following the recent approval for construction of a new tailings storage facility (TSF 6) (refer ASX announcement of 31 July 2018). Exploration and Resource development activities at the Company’s Darlot and King of the Hills (KOTH) gold mines in WA have delivered a 24% increase in the Company’s total JORC 2012 Mineral Resource base in the Eastern Goldfields region to 10.1 million tonnes grading 4.9g/t Au for 1.6 million ounces of contained gold. Total Ore Reserves have increased by 133% contained ounces to 2.64 million tonnes grading 3.6g/t Au for 307,000 ounces of contained gold (including ROM stockpiles and underground broken stocks), despite mining depletion of 42,000 ounces since December 2017 from both Darlot and KOTH underground mines. The increased Mineral Resources and Ore Reserves base will generate significant production growth, with a revised gold production guidance for FY2019 of 100,000-115,000oz at an All-in Sustaining Cost (AISC) of A$1,350 – 1,550 per ounce, with a clear mine life visibility of at least three years and significant opportunities for further Resource and Reserve expansion. Ongoing operational and cost efficiency programmes are continuing aimed at reducing operating costsa. | |
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