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Red 5 (ASX:RED) - Managing Director, Mark Williams
Managing Director, Mark Williams
Source: Mark Williams / LinkedIn
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  • Red 5 (RED) intersects up to 164.4 grams of gold per tonne (g/t) from the Cable Prospect in Western Australia
  • Reverse circulation and diamond drilling was undertaken at the Cable and Mission prospects to upgrade the JORC 2004 mineral resource estimates to JORC 2012 status
  • Results from Mission were also encouraging, the company said, with up to 142.5g/t gold intersected
  • Mineralisation remains open at both Cable and Mission, and further drilling has been planned to test the extent of both deposits
  • Shares in Red 5 are up 2.04 per cent on the market and are trading at 25 cents

Red 5 (RED) has intersected up to 164.4 grams of gold per tonne (g/t) from the Cable Prospect in Western Australia.

Reverse circulation (RC) percussion drilling was undertaken at the Cable and Mission prospects to upgrade the JORC 2004 mineral resource estimates to JORC 2012 status.

Drilling was also undertaken to increase the drill density over mineralised zones to test the continuity of the gold and improve the ore system along strike and down dip.

Diamond core drilling was also carried out to test the deeper parts of Cable and Mission below the transitional horizons.

Notably, visible gold was identified, which extends down-dip from significant gold zones.

Cable

Mineralisation at Cable typically occurs in narrow quartz veins hosted primarily within sheared felsic to intermediate volcanics.

Results from both the RC and diamond drilling at Cable have been encouraging, with a high-grade interception of 0.74 metres at 164.4g/t gold from 111 metres returned.

Other results include two metres at 20.4g/t gold from 133 metres and four metres at 13.4g/t gold from 111 metres.

These results aided in the discovery of a deep broad zone of gold mineralisation measuring a width between 70 and 100 metres, and observable along the entire strike of the deposit.

Mission

Historical drilling at Mission successfully defined a significant north-northwest trending oxide/supergene gold anomaly spanning 700 metres in length and 200 metres in width.

Mineralisation is similar to that at Cable and is associated with quartz veining and sericite-chlorite/carbonate-pyrite alteration.

Results have been encouraging, confirming the continuity of the gold mineralisation as well as identifying new zones of mineralisation.

Best results include 0.35 metres at 142.5g/t gold from 138 metres, four metres at 14.7g/t gold from 53 metres, and three metres at 10.5g/t gold from 167 metres.

Managing Director Mark Williams commented on the results.

“These are positive results that confirm the prospectivity of the Cable and Mission prospect areas,” Mr Williams said.

“We’re particularly encouraged by the delineation of a significant new zone of gold mineralisation below the known oxide zone at Cable, which presents the opportunities for resource growth.

“Results from this program will underpin the delivery of a maiden JORC 2012 mineral resource for both Cable and Mission.”

Mineralisation remains open at both Cable and Mission, and further drilling has been planned to test the extent of both deposits.

Shares in Red 5 were up 2.04 per cent on the market and were trading at 25 cents at 11:22 am AEDT.

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