Red 5 Ltd (ASX:RED) has delivered high-grade gold results and identified new gold zones during resource definition and exploration drilling at Cable and Mission prospects north of the company’s Darlot mining operation in Western Australia.
Reverse circulation (RC) percussion resource infill drilling has confirmed the continuity of narrow lode gold mineralisation along strike, including new high-grade zones, at both prospects.
At Cable deeper drilling resulted in discovery of a broad mineralised zone below previously known mineralisation, establishing future drilling targets.
High-grade results
Best Cable results are 2.0 metres at 20.4 g/t gold from 133 metres, 4.0 metres at 13.4 g/t from 111 metres and 0.74 metres at 164.4 g/t from 111 metres.
Deeper diamond drilling at Mission confirmed the extension of narrow, high-grade mineralisation below the oxide horizon and Mission highlights are:
- 4.0 metres at 14.7 g/t gold from 53 metres;
- 3.0 metres at 10.5 g/t from 167 metres;
- 11.0 metres at 3.4 g/t from 13 metres; and
- 0.35 metres at 142.5 g/t from 138 metres.
Confirm prospectivity
Red 5 managing director Mark Williams said: "These are positive results that confirm the prospectivity of the Cable and Mission prospect areas.
“We're particularly encouraged by the delineation of a significant new zone of gold mineralisation below the known oxide zone at Cable, which presents opportunities for resource growth.”
There has been a positive early response from investors with shares up 6.12% to A$0.26 in the first half-hour of trading.
Location of Cable and Mission gold deposits, 10 kilometres north of the Darlot Gold Operation.
Purpose of drilling
A combination of RC percussion drilling has been carried out to underpin an upgrade of the historical JORC 2004 mineral resource estimates (MRE) to JORC 2012 status, as well as exploration diamond drilling aimed at identifying new zones of mineralisation.
RC percussion drilling was carried out at Cable and Mission deposits at 20 x 40-metre spacing between late 2020 and early 2021.
The purpose of the drilling was to increase drill density over mineralised zones to test the continuity of gold mineralisation between sections and to improve the delineation of the ore system along strike and down dip.
In the same period, Red 5 also completed exploration diamond core drilling to test deeper parts of the Cable and Mission gold deposits below the oxide/transitional horizons.
Encouraging returns
This drilling returned encouraging results at both prospects, with several diamond holes intersecting high-grade lode-hosted gold mineralisation, including visible gold, which extends down-dip from gold zones hosted in the upper weathered zone.
Plan view showing recent drilling activity at Cable and Mission Project area. Exploration drill results indicate the potential for extensions to gold mineralisation along the Mission-Cable Syncline in association with NNW trending magnetic highs.
At Cable, diamond exploration drilling also identified a broad new zone of mineralisation measuring between 70 and 100 metres width, which was intersected in all diamond holes and is observable along the entire length of the known extent of gold mineralisation.
Gold mineralisation at both areas remains open at depth and along strike, with further drilling planned to test strike and depth extension opportunities.
Maiden resource estimates
Red 5 is updating the geological models and preparing maiden JORC 2012-compliant MREs for both prospects.
"Results from this program will underpin the delivery of a maiden JORC 2012 mineral resource estimate for both Cable and Mission," Williams said.
Cable and Mission satellite deposits are around 10 kilometres north of the Darlot Gold Mine within the Yandal Greenstone Belt.