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Red 5 Limited to commence drilling on LSY geophysical anomaly at Mapawa Gold Project

Red 5 Limited to commence drilling on LSY geophysical anomaly at Mapawa Gold Project

Red 5 (ASX: RED) will kick off drilling at the Mapawa Gold Project as the company announced an extensive porphyry style exploration target had been defined from electrical geophysical surveys surrounding the ‘LSY’ prospect, 20km north of the Siana gold project in the Philippines.

In a statement, managing director Greg Edwards said a circular shaped ‘chargeability’ anomaly, approximately 1.5 km in diameter, had been modelled from the results of a dipole-dipole Induced Polarisation (IP) survey.

"Stockwork quartz veining at LSY, located above the centre of the anomaly, and the occurrence of surrounding diorite intrusive rocks provides evidence of the possible presence of ‘porphyry style’ mineralisation at depth," Mr Edwards said.

"The anomaly also broadly coincides with an area of low electrical resistivity.

"At responses above the typical lower threshold for porphyry systems the anomaly is 0.9 km in diameter, indicating a laterally extensive exploration target. "

The anomaly has been modelled to a depth of approximately 250 metres, however this is not necessarily the limit of potential sulphide mineralisation.

The nearest known porphyry deposit, Boyongan, is stated by Philex Mining Corporation to contain an estimated 105 million tonnes at 0.8% Cu and 0.98 g/t Au and occurs 14km south of LSY along the same structural corridor.

The quartz veining exposed at LSY contains significant iron oxides formed from primary sulphide minerals at depth, with recently reported surface channel sampling results indicating gold and associated base metal mineralisation over cross-strike widths of between 80 to 90 metres.

Diamond drilling by former owner Suricon intersected gold in a number of holes from surface to depths generally ranging from 100 to 120 metres, the limit of drilling. This mineralisation lies above the most intense IP chargeability response in the core of the anomaly. Importantly, the historic drilling did not test the anomaly at depth.

A drill rig has been mobilized to commence an initial programme, focused on confirmation of results from the historic drilling, and an inaugural test of the chargeability anomaly to 500 metres depth for porphyry style mineralisation.

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December 31 2012

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