RED 1.39% 36.5¢ red 5 limited

sianna drilling starts of big gold target

  1. 2,218 Posts.
    For those interest, extract from today's announcement for Sianna (RED earning 80%):

    'Drilling Commences at Siana Gold Project Red 5 Limited is pleased to announce that it has commenced drilling
    operations at its Siana Gold Project in the Phillipines today. The initial drilling programme will consist of a combination of Reverse Circulation and diamond core drilling targeted at potential mineralised zones near the surface northeast of and below the current Mineral Resource.

    The 2000 metre drilling programme has been designed to test predicted mineralised targets that would augment the current Mineral Resource of 7.96 million tonnes at 3.33 grams per tonne gold for 825,000 ounces of gold previously reported by the Company.
    Specifically, RC drilling will be undertaken in the vicinity of the old mill and plant where there are indications of gold mineralisation that had not previously been followed up by modern exploration methods. In addition, diamond core drilling will be undertaken to test a major target approximately 250 to 300 metres below the surface under the current Mineral Resource.

    The commencement of drilling operations was marked by a major festivity attended by 500 local political, religious and indigenous leaders and other guests to consumate a Memorandum of Understanding with the Indigenous People of the region. Significantly, this
    agreement is the first of its kind in the Philippines and allows exploration and development to proceed to a mining operation within the framework of normal mining development. The MOU that was signed by the National Commission of Indigenous People (NCIP) and Tribal
    Leaders is similar in nature and Intent to Native Title Agreements in Australia'.

    In my view, the main corporate issue for RED will be to attract say 2-3 million dollars by mid year to complete a scoping study on say a 1.5 oz resource.


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