Red 5 Limited (ASX: RED) has obtained positive results from underground drilling at the recently commissioned King of the Hills (KOTH) Gold Mine, part of the company’s Eastern Goldfields gold mining hub operations in Western Australia.
The results further define current Ore Reserves that underpin the FY23 and FY24 mine plan and identifying new targets for potential Resource extensions.
The significant assay results, received from 45,154 metres of underground drilling undertaken during CY2022, have been recorded across several key mining areas in the KOTH Underground including:
(i) Main orebody;
(ii) “Down the nose” following the contact down plunge to the north; and
(iii) Under the South Pit
These impressive drill results provide further support for our mine plan over FY23 and FY24, as well as opening up potential new mining areas for the future,” Managing Director of Red 5, Mark Williams, said.
“King of the Hills is an enormous orebody, with significant areas remaining relatively undrilled, providing excellent potential for continued growth.”
Regal and Eastern Flank
The Regal and the Eastern Flank areas represent a significant mining area for the KOTH Underground in FY24, with capital development currently underway. Resource definition and grade control drilling completed in CY 2022 focused on the eastern contact, below and adjacent to current underground mining areas.
A total of 19,272 metres of diamond drilling has been undertaken in the Regal and Eastern Flank areas during CY 2022.
The Regal mining area is located between the footwall of the Regal structure, which represents a major controlling structure within the granodiorite and the eastern contact against the ultramafic that surrounds the granodiorite intrusion. The area is characterised by a series of moderately southwest dipping structures in combination with other anastomosing tension veins associated with the contact.
The Eastern Flank stoping area is located to the south of the Regal structure, with mineralisation generally concentrated along the contact and ranging from 20 to 40+ metres within the granodiorite.
Central
A total of 7,897 metres of drilling was completed within the Central area with the aim of delineating a narrow vein mining area. The Central area represents the south-western extent of the underground workings, which sit approximately below the centre of the existing Tarmoola pit, between the South and North pits.
The area is characterised by a series of narrow tension veins dipping steeply to the south-west, with tension vein mineralisation unrelated to the granodiorite / ultramafic contact.
Kingdom
Drilling in the Kingdom area targeted the upper granite contact to the west of existing workings proximal to the intersection of the Kingdom and Regal structure. Drilling totalled 7,636 metres in 2022 and intersected mineralisation associated with laminated quartz-filled structures interpreted to be continuations of the Regal and Kingdom lodes.
West Bulk
Drilling in the West Bulk area in 2022 totalled 6,562 metres, with the program predominantly targeting east- west striking high grade veins proximal to the granodiorite/ultramafic contact to the north of existing workings following the contact down plunge i.e. “down the nose”.
The drilling was designed to define potential bulk mining areas for FY23 and FY24, with broad mineralised zones identified as expected.
Under the South Pit
Previous drilling undertaken under the South Pit as part of the KOTH Feasibility Study intersected thin, frequent and well-mineralised structures and bulk-style mineralisation. The mineralisation intersected was strongest closer to the granodiorite contact or in close proximity to several interpreted South Pit high-grade lodes.
This drilling has the potential to deepen the proposed open pit or may represent future underground potential and further in-fill drilling will be required.
Along with this potential identified during the Feasibility Study, significant potential has also been identified to expand the South Pit based on drilling out the Inferred Resource components outside the current pit design.
With mineralisation still open at depth, the Resource under the South Pit is expected to be increased with further drilling. Work is underway to evaluate the potential mineralisation that can be converted to Indicated Resource status for evaluation to convert to open pit Ore Reserves.
