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Red 5 Ltd.
Summary
| Project: | Darlot Gold Mine | |
|---|---|---|
| Deposit: | Oval | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 6/19/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 19-6-2018: Red 5 Ltd. announces a Resource Estimation report for its Oval deposit at the Darlot Gold Mine project. Mineral Resource and ore reserve update for the Oval deposit. Red 5 Limited (“Red 5” or “the Company”) (ASX: RED) is pleased to advise that | |
| Resources: | (Reserve, Prob..): 422kt @ 5.32g/t Au for 72koz Au at Oval | |
| CP/QP: | [Resources]: Byron Dumpleton (Internal) | |
| ABSTRACT: | Red 5 Limited (“Red 5” or “the Company”) (ASX: RED) is pleased to advise that its exploration strategy at the Darlot Gold Mine in WA continues to deliver positive results, with the completion of an updated Mineral Resource estimate for the key Oval mining area, part of the Centenary underground workings at Darlot. The updated Indicated and Inferred Mineral Resource for the Oval deposit comprises 391,200 tonnes grading 9.32g/t Au for 117,200 ounces of contained gold, representing a 79% increase in contained gold, over the previous Resource estimate delivered in December 2017 (see ASX Announcement 21 December 2017 – deposit previously referred to as “Centenary Depth Analogue Lower”). The updated Resource includes a maiden high-grade Ore Reserve for the newly-defined Oval West area, which has been delineated less than six months after this area was first targeted by extensional underground drilling. The Oval West Probable Ore Reserve, comprising 325,337 tonnes at an average grade of 5.89g/t Au for 61,571 ounces, is located immediately west of the existing underground workings within the CDA Oval Resource Area. The new Ore Reserve has underpinned a revised mine design for this high-grade sector of the mine. Ore drive development is already underway, with bulk stoping of the new ore zone scheduled to commence in October 2018. Oval West is expected to become an important source of high-grade ore feed for the Darlot operation over the next two years. | |
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