Gold, News

Lightning strikes twice for Red 5

The Yandal South project’s drilling operation comprised two air-core programs totalling 5708m, successfully identifying new areas of gold mineralisation.

Red 5 confirmed gold assays have returned promising results, indicating significant gold mineralisation at the NW structure target and the Coodawa prospect.

The first-pass air-core drilling program returned promising results at the NW structure target, where multiple intervals of vein-hosted gold were intersected across broad zones within the 1.2km target strike length.

Notably, many mineralised holes ended in anomalous gold, indicating the mineralisation continues deeper into the bedrock.

“These positive reconnaissance exploration results at Yandal South are very encouraging, with the air-core drilling confirming significant gold anomalism,” Red 5 managing director, Mark Williams, said.

Further drill programs, following up on these new gold intercepts, and testing other high-priority areas within the prospective exploration tenure are planned for the end of 2024.

“We are now planning to undertake a seismic survey over this area to help identify structural and lithological features for targeting during the next round of drilling,” Williams said.

The Yandal South project area lies 90km North of the King of the Hills hold mine, where Red 5’s recent drilling efforts have returned significant assay results.

The favourable results were taken from some 45,125m of underground drilling in several key areas in the mine, including the main orebody, “down the nose” following the contact down plunge to the north, and beneath the south pit.

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 resource status.

“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,” Williams said of the King of the Hills results.

“King of the Hills is an enormous orebody with significant areas remaining relatively undrilled, providing excellent potential for continued growth.”

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