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Red 5 Ltd.
Summary
| Project: | King of the Hills | |
|---|---|---|
| Deposit: | King of the Hills | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 5/20/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 20-5-2019: Red 5 Ltd. announces a Resource Estimation report for its King of the Hills deposit at the King of the Hills project. Updated mineral resource estimate at the project. Red 5 Managing Director, Mark Williams, said: “This result furthers our goal | |
| Resources: | (Resource, I+I): 66Mt @ 1.5g/t for 3.110Moz Au contained | |
| CP/QP: | [Resources]: Byron Dumpleton (Internal) | |
| ABSTRACT: | Red 5 Managing Director, Mark Williams, said: “This result furthers our goal of developing a large standalone bulk mining and processing operation at King of the Hills. The upgraded Mineral Resource clearly demonstrates the scale and potential of this exceptional project, which we believe has the potential to form the cornerstone of a substantial mid-tier Australian gold business with the resource base, production profile and mine life required to attract global institutional investor interest. “Importantly, 76% of the updated Resource, or 2.35 million ounces, is now in the higher-confidence Indicated category, and therefore is available for conversion to Ore Reserves. The updated Resource also now comprises open pit and underground components, giving a clearer picture of the likely overall parameters of a stand-alone mining and processing operation at KOTH that could include underground and open pit production and satellite deposits. Mark Williams also outlined how this Resource will feed into the Company’s next steps: “The updated Resource provides the foundation for a Pre-Feasibility Study to evaluate the economics of a potential stand-alone operation at KOTH which is now well underway. This PFS will focus initially on the open pit Resource, supplemented by the Resources currently being evaluated by our ongoing regional exploration program such as the recently announced Resources for the Rainbow and Severn satellite deposits.” | |
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