Red River Resources Ltd (ASX:RVR) has paid $150,000 to acquire the remaining 49% interest in three exploration licences extending the greater Thalanga Project to the east.
The licences were originally subject to a joint venture agreement with Natural Resources Exploration, which Red River entered into in April 2015.
The acquisition of NRE’s remaining 49% interest in EPM 18470, EPM 18471 and EPM 18713 consolidates Red River’s ground holding in the highly prospective Mt Windsor Belt.
Plans for the newly acquired area
Red River intends to continue the systematic exploration program that was commenced in early 2015.
This includes a program of soil sampling, mapping, geophysical exploration to define drill targets together with drill testing of known drill ready targets.
Drill ready targets include Truncheon Advanced Argillic, Highway East, Rustler, Snake Oil, Vice Squad and Stock Squad West.
READ: Red River Resources drill results continue to suggest potential for longer mine life
Most recently, Red River received further high-grade assay results from drilling at the Liontown East discovery within the Thalanga Zinc Project in Queensland.
The assay results further extend Liontown East and support the thesis that it can be converted into a minable deposit at Thalanga and increase its current mine life.
Latest results include 18.15 metres at 8.8% zinc equivalent from 517.25 metres down-hole and 23 metres at 8.25% zinc equivalent from 219 metres down-hole.
READ: Red River Resources' share price upside may be driven by exploration success and production growth
Red River completed its first shipment of zinc concentrate from Thalanga earlier this year.
Red River mined 67,000 tonnes of ore from the West 45 underground deposit during the December quarter at an average grade of 0.3% copper, 2.5% lead and 5.7% zinc.
The deposits currently in the mine plan at the Thalanga operations are West 45, Thalanga Far West and Waterloo.
A number of emerging deposits have good potential to be added to the mine plane and increase the mine’s llifespanand value.