An Australian gold producer with a strong growth outlook in Western Australia’s Eastern Goldfields
Red 5 Limited (ASX: RED) is an Australian gold producer that operates the Darlot and King of the Hills (KOTH) gold mines in the Eastern Goldfields region of Western Australia.
Since acquiring these two projects in October 2017, the Company has successfully ramped-up gold production to an annualised run-rate of +100,000oz/year, and is now conducting aggressive exploration programs to increase its Resource and Reserve base.
In 2018, Red 5 identified a potential bulk mining opportunity at KOTH, with an initial ‘proof-of-concept’ bulk mining Mineral Resource of 1.88Moz of contained gold. A strategic review of bulk mining options is now underway.
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Commanding 476 sq km footprint, as at 31 December 2019, in the highly-endowed Leonora-Leinster gold district, including the Darlot, King of the Hills and Ockerburry Hill projects
Initial 1.88Moz bulk mining Mineral Resource defined at King of the Hills, with a strategic review of bulk mining options underway
KOTH has only been mined as an open pit to a depth of 265m, (underground to a depth of 380m) at its northern end and 120m at its southern end, with comparable mines in the region averaging 680m depth
Underground diamond drilling program at KOTH designed to in-fill and extend the 1.88Moz bulk mining Resource; extensive regional exploration drill program targeting multiple high-priority targets
Darlot exploration programs delivering broad mineralised intercepts at grades equal to or possibly better than the best in its 30-year history
Clearance received to construct and operate new tailings storage facility at the Siana Gold Project in the Philippines – preferred plan and options being evaluated
Red 5 management team has strong operating experience in the gold sector – well placed to unlock significant value