Red 5 adds to King of the Hills resource
PERTH (miningweekly.com) – Junior Red 5 has reported an update to the King of the Hills mineral resource, which now stands at 4.1-million ounces.
The indicated and inferred resource at King of the Hills is now estimated at 90.7-million tonnes, grading 1.4 g/t gold, for 4.07-milllion ounces of contained gold, with more than 3-million of these ounces classified as indicated.
“This updated mineral resource provides an exceptional base from which to complete our final feasibility study for the bulk openpit and underground mine and standalone process plant operation at King of the Hills,” said Red 5 MD Mark Williams.
“Our resource development programmes over the past 12 months have added significantly to our global resource, bringing it to over four-million ounces of contained gold and confirming King of the Hills’ status as one of Australia’s premier emerging gold projects.”
The updated mineral resource estimate is based on a A$2 100/oz optimised pit shell. Using a A$1 800/oz pit shell, the new resource model would generate a 21% increase in ounces compared with the previous mineral resource estimate.
“The updated mineral resource model has seen a 69% increase in the openpit component of the mineral resource. We are now looking at a very large-scale openpit mining operation at King of the Hills, with a significant portion of the previous underground resource now captured within an expanded pit shell.”
Williams said that based on the updated resource model, Red 5 would continue to forge ahead with the final component of the bulk mining feasibility study, including mining and engineering studies, and an updated ore reserve.
The final feasibility study is scheduled for the September quarter of this year.
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