DARLOT DRILLING SECURES FUTURE PRODUCTION

Red 5’s Darlot Gold Mine drilling confirms additional mining levels, bolstering FY25 and FY26 plans

Red 5 Limited (ASX:RED) has announced promising results from its underground drilling at the Darlot Gold Mine in Western Australia. The latest assays confirm new development levels in the Middle Walters South (MWS) mining area, securing the mine’s plans for FY25 and FY26.

Key Outcomes

  • Impressive Drill Results: Notable intersections include high-grade gold findings, such as 4.6m at 30.7g/t and 4.4m at 16g/t.
  • Resource Extension Drilling: A significant 17,500m drilling program is planned for FY24, aiming to identify future ore sources.
  • Increased Ore Reserves: FY23 drilling led to a 117% increase in contained ounces in the underground Ore Reserve.
  • Enhanced Mine Output: Darlot achieved 702,270t at 2.49g/t for 56,105oz in FY23, processed at the KOTH processing hub.
  • Cost Reductions: Closure of surface activities and ongoing exploration have lowered costs, promising continued production contribution.

Managing Director Mark Williams commented on Darlot’s performance and future prospects:

Over its long production history, Darlot has proved itself 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.

We are particularly pleased to see such strong results from the Middle Waters South mining area, which is expected to contribute approximately 37% 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.

Read the full annoucement

Goldman

Read Previous

WEEKLY GOLDEN TIDBITS

Read Next

STRICKLAND METALS ADVANCES HORSE WELL DRILLING