Red River Resources Ltd (ASX:RVR) has had one of its major shareholders, Tribeca Investment Partners Pty Ltd, increase its stake in the company to 7.27% from 6.26%.
Tribeca Investment Partners is a well-known Australian boutique fund manager with a reputation for delivering on performance targets, established in 1998.
READ: Red River Resources receives vote of confidence from Canaccord Genuity
Last month, Red River hosted broker Canaccord Genuity on-site at its Thalanga zinc operations in Queensland.
Canaccord continues to rate the stock a speculative buy with a $0.50 price target, nearly double the last traded price of 25.5 cents.
READ: Red River Resources on track to develop Waterloo deposit with new high-grade drill results
Waterloo is Red River’s highest grade deposit with a current resource of 707,000 tonnes at 19.1% zinc equivalent.
Recent drilling at Waterloo was part of an infill and extension program to update the resource and to prepare a maiden ore reserve.
Waterloo remains on track to be the next mine developed by Red River after the current Far West mine development activities are completed.