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Red 5 Ltd.
Summary
| Project: | King of the Hills | |
|---|---|---|
| Deposit: | King of the Hills | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 12/4/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 4-12-2018: 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 at the project. Red 5 Managing Director, Mark Williams, said: “This initial bulk resource at King of | |
| Resources: | (Resource, I+I): 28.7Mt @ 2.0g/t Au for 1.880Moz Au | |
| CP/QP: | [Resources]: Byron Dumpleton, Spero Carras (Internal;Carras Mining Pty Ltd.) | |
| ABSTRACT: | Red 5 Managing Director, Mark Williams, said: “This initial bulk resource at King of the Hills is a gamechanger for Red 5. Based on the drilling completed to date and assessing only a portion of the broader granodiorite contact zone, the size and scale of this resource gives us more confidence that King of the Hills can ultimately support a large-scale bulk mining operation,” he said. “Given the strength of this early result, we’re now underway with preliminary studies to assess the merits of a standalone mining and processing operation.” The discovery of a zone of high-grade veins and stockworks along the Eastern Margin Contact between the granodiorite intrusion and the surrounding ultramafics at KOTH, which bulk out to significant widths, creates the potential for open pit and/or bulk underground stoping methods (i.e. larger-scale long-hole open stoping to sub-level caving). Along this contact there is a variable width ‘damage zone’, spanning both the granodiorite and the ultramafics, where tension cracks appear approximately perpendicular to the contact, with a reasonable proportion of these tension cracks containing gold mineralisation. Importantly, this gold mineralisation occurs within both small veinlets, as well as larger more visible veins. When bulked out, these stockworks of veinlets contain additional gold that enhances the grade of the bulk material. Of immediate benefit to the existing ‘Haul to Darlot’ business model is the fact that the bulk stopes are wider, the performance of the stope is more predictable and is expected to provide easier-to-mine ounces and lower per tonne mining costs. | |
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