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Red 5's contained gold resource at King of the Hills project grows 65%

Red 5 Ltd.'s contained gold resource at its King of the Hills gold project in Western Australia grew 65% over the December 2018 estimate.

The project now hosts JORC 2012-compliant resources of 66.0 million tonnes at 1.5 g/t gold containing 3.11 million gold ounces, and 76% of the resource is classified in the indicated category.

The estimate includes an open pit portion of 48.5 Mt at 1.3 g/t gold for 2.0 Moz in the indicated and inferred categories at a cutoff of 0.4 g/t gold.

King of the Hills' underground portion stands at 17.5 Mt at 2.0 g/t gold for 1.11 Moz in the indicated and inferred categories at a cutoff of 1.0 g/t gold.

The resource will form the basis of the ongoing pre-feasibility study reviewing the potential for a stand-alone processing plant at the project with a capacity of between 2 million and 4 million tonnes per annum. The study will also focus on a large open pit and a maiden open pit ore reserve estimate

The pre-feasibility study is scheduled to be complete in the September quarter.

Red 5 also plans to develop the Rainbow and Severn near-mine regional satellite deposits.