RED 5 LIMITED

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Red 5 Limited Provides Update on Recent Resource Definition and Exploration Drilling at Cable and Mission Prospects, Located 10 Kilometres North of Darlot Gold Mine in the Eastern Goldfields Region of Western Australia

11/02/2021 | 04:16pm
Red 5 Limited provided an update on recent Resource definition and exploration drilling at its Cable and Mission prospects, located 10 kilometres north of the Company's Darlot Gold Mine in the Eastern Goldfields region of Western Australia, which has delivered high-grade assay results and identified new zones of gold mineralisation. The drilling program comprised a combination of RC percussion drilling to underpin an upgrade of the historical JORC 2004 Mineral Resource Estimates to JORC 2012 status, as well as exploration diamond drilling aimed at identifying new zones of mineralisation. RC percussion drilling was undertaken at both the 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. Resource estimation to JORC 2012 standard for both Cable and Mission is underway. Over 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. 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 significant gold zones hosted in the upper weathered zone. Mineralisation remains open, and further drilling is planned to test the extent of both deposits. At Cable, diamond exploration drilling has 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. This discovery presents a significant growth opportunity for Cable. Gold mineralisation at Cable and Mission is hosted by laminated veins associated with steeply dipping shears. The orebodies trend predominantly NNW and are coincident with prominent magnetic high features attributed to folded and faulted magnetic dolerite, similar to the geological setting of the Darlot gold deposit. The Taranaki Fault Zone is a regional scale structural corridor that runs through the north-eastern part of the Darlot tenure proximal to the eastern limb of the Darlot Syncline and extending northwards where it sits adjacent to the western limb of the Cable-Mission Syncline. The fault zone is considered a key exploration target area and prospective for gold mineralisation, with the occurrence of several untested linear and folded magnetic high features which present NW and SE of the Cable and Mission prospects. These magnetic high anomalies form part of the Cable-Mission Syncline and represent good extensional opportunities along strike at both deposits and will be followed up by future exploration drilling. Proposed RC drilling along the Taranaki trend to the northwest will test Taranaki Fault and associated magnetic high targets along strike of the Cable and Mission Deposits. RC drilling to the south will test the synclinal fold hinge. Cable Deposit: At Cable, historical drilling programs consisting mainly of aircore and RC percussion drilling designed to test for mineralisation at shallow depths in the oxide zone successfully delineated an approximately 900 metre long x 300 metre wide NNW trending gold lode system positioned along the western limb of the Mission-Cable Syncline. Following an assessment of the historical drill assay data and the completion of due diligence drilling by Red 5 in 2020, the Company undertook a focused drilling campaign comprising both exploration and Resource drill holes between December 2020 and March 2021. The Resource infill program comprised 26 RC holes for 4,078 metres drilled at 20 x 40 metre spacing across most of the Cable orebody. The program was designed to extend historical drill lines and also drill between existing sections to determine continuity and grade of mineralisation to update the historical JORC 2004 Resource model and improve overall confidence in the Mineral Resource Estimation and classification. In the same work period, exploration diamond drilling comprising four holes for 1,519 metres was also completed. Results of the RC and diamond drilling at Cable have been encouraging, with the Resource-focused holes showing continuity of narrow gold mineralisation between sections, including new high-grade zones such as 0.7 metres grading 164.4g/t Au in Hole 21CBDD002 and 2 metres grading 20.4g/t Au in Hole 21CBDD003. Results from the diamond exploration program have also been encouraging, with the discovery of a deeper broad zone of mineralisation between 70 and 100 metres wide and observable along the entire strike length of the Cable ore deposit. This is a significant new target area for follow-up drilling. Mission Deposit: Historical aircore and RC drilling at the Mission deposit successfully defined a significant north-to-northwest trending oxide/supergene gold anomaly, extending over approximately 700 metres length and 200 metres width on the eastern limb of the Mission-Cable Syncline. The anomaly is associated with a series of parallel NNW shears steeply dipping to the southwest and crosscutting the Taranaki Fault Zone. These mineralised zones are generated from the re-activation of pre-existing structural weakness, which has been observed around Darlot. Gold mineralisation at Mission is similar to that at Cable and is associated with laminated quartz veining and/or sericite-chlorite+/-carbonate-pyrite alteration hosted in dolerite with a primary lode vein intersected within magnetic dolerite on the underlying contact with interbedded sediments. A total of 51 RC Resource infill holes at 20 x 40 metre spacing, totalling 8,113 metres, was also completed at the Mission deposit. The holes were designed to follow-up on anomalous historical aircore drill results to extend and upgrade the historical JORC 2004 Resource and confirm continuity between existing sections. Diamond core drilling was also undertaken to test for gold mineralisation in fresh rock below the oxide/transitional horizon at Mission. Similar to Cable, assay results from both the RC and diamond drill programs at the Mission deposit have been encouraging, confirming good continuity of gold mineralisation as well as identifying new zones of mineralisation within the historical oxide Mineral Resource.
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