Surface Drilling Underway Ahead Of First Gold In June Quarter 2022
Red 5 Limited (ASX: RED) has commenced open pit grade control drilling in the southern pit at its 2.4Moz, 16‐year life‐of‐mine King of the Hills (KOTH) Gold Project in Western Australia.
The drilling is being performed by Jarahfire Drilling Pty Ltd, a WA‐based surface drilling specialist.
The initial 70,000 metre programme will target the KOTH southern pit, starting on the 5285mRL bench. This bench formed part of the original southern cut‐back developed by the previous operator, Sons of Gwalia, and is approximately 15m vertically below the current surface.
The 7 x 7 metre spaced program has been designed to cover the first 30‐45 vertical metres of the current Stage 1 design. Open pit grade control will be conducted in phases, with this initial program being undertaken over the next five months, leading into the start of pre‐stripping and open pit mining in January 2021. This will cover the first six months of open pit mining with the objective of de‐risking and setting up the initial ore blocks for mining.
Red 5 completed a Final Feasibility Study for a standalone bulk mining and processing operation at KOTH in September 2020, confirming the Project’s potential to be a significant near-term, high-margin gold development project, with opportunities for future growth.
Based on the FFS results, the Project will provide robust financial returns from a long-life, large open pit and underground mining operation, for a relatively modest capital investment given the scale of operations envisaged.
For further information please visit: https://www.red5limited.com
