Red River Resources Ltd (ASX:RVR) has received a vote of confidence from its managing director, Mel Palancian, who recently purchased company shares on-market.
Palancian purchased 20,000 shares through on-market trades increasing his total holding in the company to 445,000 shares.
READ: Red River Resources has 12-month share price target boosted by Hartleys to 65 cents
Red River is producing predominantly zinc concentrate from its flagship Thalanga Zinc Project in Queensland.
A total of 65,000 tonnes of ore was mined during the March quarter at an average grade of 0.4% copper, 2.5% lead and 4.8% zinc.
READ: Red River Resources' share price upside may be driven by exploration success and production growth
During the March quarter, Red River generated concentrate sales of $16.5 million.
Cash at bank at the end of the March quarter was $17.5 million with an additional $5.2 million cash relating to the quarter’s sales received subsequent to the end of the quarter.