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Red 5 hits high-grade gold, sees copper potential

Red 5 hits high-grade gold, sees copper potential


Red 5 (ASX:RED) has enhanced the profile of its Siana gold project in the Philippines with new geotechnical drilling results delivering high-grade intersections in support of a planned transition to underground mining.

The assays are also interpreted as indicating potential for a copper porphyry system at depth.

Highlights included 10 metres at 5.4 g/t gold from 461 metres downhole, or 230 metres below surface.

This intersection contained 1 metre at 27.9g/t gold, 1 metre at 8.4g/t gold and 1 metre at 11.7g/t gold.

Another intersection marked 5 metres at 35.9g/t gold from 478 metres downhole (or 240 metres below surface) including 1 metre at 11.7g/t gold.

The results reinforce the potential of the existing underground resource and will contribute to a revised resource estimate and mine plan being completed as part of the updated underground Feasibility Study.

Interestingly, the exploration also demonstrated potential copper mineralised margins at what appears to be an intrusive porphyry at depth.

This system may represent the source of the Siana gold deposit as well as additional undiscovered epithermal shoots in the near-mine environment.

The potential for a significant gold-copper porphyry system at depth provides an important new exploration target for Siana.


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Red 5 Limited Timeline

Newswire
December 31 2012

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