new find, page-2

vein approx 20 g au equ over 100m From the announcement:

'One of the veins has yielded results averaging 10.3g/t
gold and 847 g/t silver over a strike length of 100 metres.

Interesting, but it is no secret there are many historical small scale high grade gold / silver workings on the RED land. The announcement goes on:

'The mineralisation is likely to have been sourced from a younger blind intrusive phase that is potentially host to large scale Boyongan style porphyry copper-gold mineralisation. Follow-up mapping and geochemical sampling of the area is warranted prior to drill testing. A series of magnetic targets located to the east of the Alegria Vein Swarm within the licence area will be investigated concurrently.'

The main game is extending the current inferred resource (880,000 oz at 3.3 g/t) and following previous single holes along the possible Boyongan Corridor (eg 14m at 6g/t from about 40m), allowing with finding new targets at depth. RED should have the results of a 500m shallowly inclined hole that targets just below current resource limits plus should hit the yet unmeasured East zone, which I think has only a single exploration drive that measured 40m @ 4 g/t and ended in mineralisation.

I hold RED and have been accumulating.

angus