Excellent results from the recent diamond drilling program at Red October have confirmed the discovery of three new mineralised horizons (named Marlin, Smurf and Nemo) in close proximity to the Central Lode and existing underground development.
Highlights include: Significant intercepts into the newly discovered Smurf lode (refer Figures 1 and 2): • RORD022: 2.3m @ 49.6 g/t • ROGC166: 3.4m @ 20.2 g/t • RORD024: 0.3m @ 955 g/t
Significant intercepts in Central lode and the newly discovered Marlin lode (refer Figure 1): • RORD016: 2.3m @ 5.1 g/t • ROEX001: 1.0m @ 5.0 g/t (95m below previous resource limit of the central lode), and 0.3m @ 18.5 g/t (315m below previous resource limit of the central lode) Comment from Managing Director, Raleigh Finlayson:
“It is significant that we have discovered multiple mineralised lodes in close proximity to what was previously thought to be a single ore horizon. We have already seen the benefits of increased strike lengths as we mine into the Central Lode with a record 11,396t @ 12.72g/t for 4,661 ounces produced in the month of June.
“The discovery of the Marlin and Smurf Lodes and the highly prospective Nemo horizon adds significantly to the mine plan and the untapped exploration upside. We are confident that these discoveries are just the beginning as we increase our geological and structural knowledge of the mine and its immediate environs”
“The Red October team has engendered a great sense of ownership and pride as we enter this critical phase where the mine evolves from a small scale, trial mine into a fully self-sustaining production centre.”
SAR Price at posting:
13.3¢ Sentiment: LT Buy Disclosure: Held
