Red 5 Limited reported that drilling completed in 2021 at the Darlot Underground Mine, located in the Eastern Goldfields region of Western Australia, has delivered high-grade results from multiple locations. The drilling forms part of an ongoing exploration and Resource development program at Darlot focused on extending new mining areas such as Middle Walters South and reducing the dependency on remnant mining. Results reported in this announcement include strong intercepts from Middle Waters South and positive results from Dar-Cent, Oval 1300 and Pedersen Lower, all of which offer the opportunity for Resource growth.

Middle Walters South: Middle Walters South is a structurally controlled narrow, high-grade orebody that forms part of the larger Centenary orebody, one of the primary sources of ore at Darlot. Mineralisation is hosted by the Walters Fault and in cross-linking structures between the Walters and Lords Faults. It is hosted within magnetic and non-magnetic dolerite horizons of the Mount Pickering Dolerite Sill.

Phased grade control and extensional Resource drilling programs totaling 28,500m have been completed at Middle Waters South since July 2020. As expected, higher grades are seen within the magnetic dolerite, with more variable grades associated with the non-magnetic dolerite. Extensional drilling of the Hookes Lode (a transfer structure between the Walters and Lords Fault, down-dip of currently planned stoping) has the potential to deliver additional Mineral Resources at Centenary, with further infill drilling planned.

Drilling in the earlier stages of the current program successfully extended and upgraded the Middle Walters South component of the Centenary Resource, delivering a 44% increase in contained ounces since Red 5 took over in October 2017 with the potential for further growth. Mineralisation remains open along strike to the west, and further infill drilling is planned. Access development to Middle Waters South is now underway, with first ore intersected in development in January 2022.

Pedersen/Moses: 3,200m of drilling was completed within the Pedersen and Moses area to test remnant stopes on the 1,120 and 1,130 levels on the Pedersen Main Lode. Whilst drilling this program, holes intersected the Moses Splay Fault, a known mineralising structure that variably hosts economic grade. Strong intercepts returned from the Moses Splay and associated hanging wall lodes included 7.8m at 6.17g/t Au in GC4135.

As a result of the successful drilling on the Moses Splay, a further 2,800m of additional drilling was completed, testing the extents of the mineralisation up-dip and along strike. Pedersen Lower Extension: 2,000m of extensional drilling has been completed on the Pedersen Lower area, which represents the down-dip extension of the main Pedersen Lode within the favorable magnetic dolerite host. The aim of the drilling was to infill the Pedersen Lower Resource to the east of the Moses Fault, below the current mining area.

The Lower Pedersen area represents the only section of the Darlot Thrust identified within magnetic dolerite and is adjacent, and to the south, of the regional lamprophyre and the El Dorado Shear. Historically, mineralisation adjacent to both the lamprophyre and the El Dorado Shear within magnetic dolerite has been well mineralised at Darlot (e.g. the Oval West, Border and Lords South Lower). The drilling results supported the interpretation of lode continuity and largely confirmed the current Resource model.

Drilling also intersected the Dar-Cent bulk mineralisation zone, with encouraging assay results including 47m at 1.1g/t Au in GC4252 and 14m at 2.6g/t Au in GC4253.