Red 5 increases production in Dec quarter
PERTH (miningweekly.com) – Junior gold miner Red 5 has reported an increase in gold production during the three months to December, putting the company on track to reach its 2019 financial year production target of between 100 000 oz and 115 000 oz.
ASX-listed Red 5 produced 26 118 oz of gold during the December quarter, up from the 21 609 oz produced in the previous quarter, with 27 149 oz sold during the same period, compared with 20 241 oz sold in the September quarter.
“The December quarter has been one of the most exciting periods in our recent history. Operationally, we were able to deliver a strong production performance from Darlot and King of the Hills, while from an exploration and growth perspective we achieved a major breakthrough, identifying what is shaping up as a potentially transformational bulk mining opportunity at King of the Hills,” said Red 5 MD Mark Williams.
“From a production perspective, the December quarter, which marks a full 12 months since we assumed ownership of the Darlot and King of the Hills assets, saw both mines deliver steady-state gold production. With the ramp-up of mining at King of the Hills completed during the quarter, we were able to achieve a steady-state annualised production rate of around 100 000 oz/y, a significant milestone for the group.”
For the March quarter, Red 5 is expected to produce between 24 000 oz and 28 000 oz of gold.
Red 5 is currently undertaking a strategic review of a bulk underground or/and openpit operation at the King of the Hills project, along with a standalone processing facility on site.
The review will incorporate the results of a 30 000 m drilling programme that started during the quarter.
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