RED 2.56% 19.0¢ red 5 limited

- sianna drilling [email protected] g/t au eq

  1. 2,218 Posts.
    Report out today. True width of mineralisation probably about 90-100m. A good result, but probably the most interesting part of the report to a non-technie like me was:

    'A new discovery was made over a 48 metre interval grading 0.42g/t gold from 496m. The sulphide content and alteration in the "Dayano" Zone indicates the potential for a very large gold mineralised system, most likely up dip to the east. A grade increase to +1g/t gold occurred shortly before the hole was terminated at 544m. It is now clear that the intersections in East Zone and Dayano Zone are coincident with an exciting Dipole- Dipole IP (Induced Polarisation) geophysical anomaly that is predicted to comprise a large sulphide target from near surface to a depth in excess of 250 metres from surface'.

    RED is earning 80% at Sianna at on last trading Friday capped at a bit under AUD7 million. Current Sianna resource is abot 800,000 oz at 3.3g/t Au.

    RED needs a quality backer (say from Europe or America) to get things really going at Sianna, but today's report, with perhaps some follow-up to the IP target, should push it along towards this.

    Angus

    I hold RED
 
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