Ann: Silver Lake Acquires Red 5 Shares, page-139

Article appeared in Australian Mining:

Red 5 has announced the latest drilling results from its Darlot satellite gold mine, which forms part of the King of the Hills (KOTH) processing hub in the eastern Goldfields region of WA.

In July 2022, Darlot transitioned from a central processing facility to a satellite underground mine. The mine celebrated its 30th anniversary of continuous gold production in November 2018, with mining during FY23 equalling to 702,270 tonnes at 2.49 grams per tonne (g/t) for 56,105 ounces (oz).

The gold miner said the latest results have delivered additional mining areas and further de-risked the Darlot mine plan for the 2025 and 2026 financial years (FY25 and FY26).

The assay results came from underground grade control and resource extension drilling program completed in FY23 and early FY24. Outstanding intersections from the program include 4.6m being mined at 30.7g/t from 61.8m, including 0.43m at 322g/t.Red 5 managing director Mark Williams said over its long production history, the Darlot mine has proved to be an “exceptional” gold system. “Our ongoing resource and reserve development drilling programs are increasing confidence in the FY24 mine plan, while at the same time continuing to de-risk the mine plan for FY25 and FY26 and delivering growth across multiple fronts,” he said. “We are particularly pleased to see such strong results from the Middle Waters South mining area, which is expected to contribute approximately 37 per cent of the total contained ounces mined at Darlot in FY24. “Underground diamond drilling has re-commenced targeting down-dip extensions of the current mining areas where we are hopeful of further increasing mine life, with an initial program of 17,500m of drilling planned in FY24.”

Red 5 released its September 2023 quarterly report last month, where it celebrated its KOTH project producing 55,009 gold ounces during the period.