Australian gold production company Red 5 (ASX:RED) reports it has returned ‘exceptional’ gold (Au) grades upwards of 2,999.3g/t Au and new ‘high-grade’ targets that boasts the potential for resource extension from drilling activities at its Darlot Gold Project in Western Australia.
The results, generated by underground grade control and resource extension drilling across several key mining areas at the Darlot Gold Mine, have returned ‘excellent’ assay results which confirm the ore reserves underpinning and FY23 and FY24 mine plan.
Results were gathered from a number of key areas, including the Middle Walters South, Centurion Lode, Dar-Cent Bulk and St George deposits, and have generated potential to upgrade the existing Mineral Resource Estimates (MREs) across the project.
Key intercepts from across these deposits include hole GC4480 with 6m at 71.4g/t Au from 108m; hole GC4479 with 3.4m at 42.5g/t Au from 105m; ‘high-grade’ hole CADD0774 with 1.1m at 1,521.5g/t Au from 178.5m; and an ‘exceptional’ result from hole SGGC122 with 3m at 2,999.3g/t Au from 41m.
It is reported that drilling conducted across the Darlot project area forms part of ongoing stope de-risking, resource development and exploration programs that are focused on extending new mining areas and reducing the dependency on remnant mining.
Commenting on the results, Red 5 Managing Director, Mark Williams says: “Darlot continues to deliver impressive drill results, providing confidence in our mine plan for the 2023 and 2024 financial years and indicating strong potential for ongoing resource and reverse growth.
We have seen some very ‘high-grade’ results from existing mining areas such as Middle Walters South and Burswood, as well as ‘excellent’ results from un-mined areas such as Dar-Cent and the adjacent Centurion Lode, which returned ‘exceptional’ ‘high-grade’ assays of up to 1,512.5g/t Au.
“We have seen some very ‘high-grade’ results from existing mining areas such as Middle Walters South and Burswood, as well as ‘excellent’ results from un-mined areas such as Dar-Cent and the adjacent Centurion Lode”
Grade control drilling has also delivered outstanding grades at the satellite St George open pit, with an assay of 3.0m grading 2,999.3g/t – equivalent to 105 ounces of gold per tonne – from close to surface.”
The company also notes that mineralisation identified within the Middle Walters South deposit remains open along strike and to the west, and has warranted the planning of additional infill drilling.
In addition, drilling at the Chappell deposit has confirmed the resources potential to continue mining operations at Darlot down dip, with confirmation that mineralisation associated with the Lords Fault continues at depth.
It is expected that ongoing drilling will aim to extend Chappell to the south, where it remains open.
Meanwhile, drilling conducted under the Western Australian Government’s Exploration Incentive Scheme at the Pipeline deposit has boosted the potential for the company to delineate a ‘large-scale’ resource at this relatively untested target area.
Red 5 is an ASX-listed company that boasts a ‘strong’ institutional shareholder base. The company’s Darlot project is located about 900km northeast of the Western Australian capital city of Perth within the highly-endowed Eastern Goldfields region and is operated through the company’s wholly owned subsidiary company, Darlot Mining Company.
Other projects included in Red 5’s exploration arsenal include the King of the Hills (KOTH) Project, which is also located in Western Australia’s Eastern Goldfields region and is 100% owned by Red 5.
Images: Red 5 Limited
