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Red 5 Ltd.
Summary
| Project: | King of the Hills | |
|---|---|---|
| Deposit: | King of the Hills | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 9/24/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 24-9-2019: Red 5 Ltd. announces an Exploration/Drilling Update report for its King of the Hills deposit at the King of the Hills project. Drilling results incl. 4m @ 17.08g/t Au from 54m. Red 5 Limited (ASX: RED) announces that initial results from the Co | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Byron Dumpleton (Internal) | |
| ABSTRACT: | Red 5 Limited (ASX: RED) announces that initial results from the Company’s ongoing regional drilling program at the King of the Hills (KOTH) Gold Project in Western Australia (Figure 1) have delivered high-grade assays across multiple targets, confirming strong potential to increase the satellite open pit Resource base and further upgrading the prospectivity of the highly mineralised Ursus Fault Zone, which extendsthe full length of the KOTH tenements, representing approximately 12km of strike. The 13,300m FY2019 exploration program was designed to test for lateral and vertical extensions of gold mineralisation at priority prospects - Centauri, Cerebus-Eclipse, Cavalier and Puzzles - which are known to host shallow, coherent gold mineralisation along the highly fertile Ursus and Tarmoola Fault zones and related structures. The drilling program was aimed at assessing the potential for satellite open pits that could provide mill feed and cash flow in the early stages of a potential KOTH bulk mining operation (see ASX announcement 1 August 2019). Drilling commenced in late March 2019 as part of the FY19 surface drill program and extended into the FY20 program, with 108 holes completed to date for over 19,554 metres of drilling as at 4 August 2019. Drilling is ongoing. Assay results received to date indicate strong potential to delineate additional satellite oxide open pit Mineral Resources in the near term (building on the existing 114,900oz Mineral Resource announced for the Rainbow and Severn satellite open pits on 1 May 2019), whilst also indicating that the Centauri and Cerebus-Eclipse targets may in fact form part of a single, large mineralised system that lies along the Ursus Fault Zone. | |
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