Red River Resources Limited (ASX:RVR) has received strong results from drilling at the West 45 underground mine within its Thalanga Operations in northern Queensland.
These results, which have confirmed the potential for the addition of an upper level in the mine near Charters Towers, will be outlined by the company at tomorrow’s Proactive CEO Session in Melbourne.
CFO to outline strategy at CEO Session
Chief financial officer Rod Lovelady will present Red River’s base metals strategy, supported by gold and silver, to investors at the lunchtime session.
Potential for an additional level
Surface geotechnical drilling has defined the potential for an additional level above the existing level.
Program objectives were to confirm the resource above the existing development in West 45 and to provide geotechnical data for potential development of a 996 Level, above the existing 976 Level.
Ten holes have been drilled for a total of 343.2 metres and Red River has received positive assay results from all holes, including these highlights:
- 5.44 metres at 0.5% copper, 3.1% lead, 6.1% zinc, 0.2 g/t gold and 87 g/t silver, or 13.0% zinc equivalent, from 27.55m downhole; and
- 6.17 metres at 0.6% copper, 4.7% lead, 8.0% zinc, 0.3 g/t gold and 50 g/t silver, or 15.5% zinc equivalent, from 22.09 metres downhole.
Gold and silver as well
Exceptional gold and silver mineralisation intercepts continue at West 45 with notable results being:
- 8.25 metres at 5.1 g/t gold and 512 g/t silver from 111.75 metres downhole, including 0.32 metres at 120.8 g/t gold and 11,256 g/t silver (1.1% silver) from 113.90 metres downhole; and
- 09.21 metres at 0.6 g/t gold and 407 g/t silver from 18.84 metres downhole, including 0.51 metres at 5.2 g/t gold and 3,935 g/t silver from 21.25 metres downhole.
Shares are up almost 6% to 18.5 cents.
The company is carrying out additional mapping and resampling of core to seek to identify whether the high-grade gold-silver mineralisation can be defined as a continuous, potentially mineable body.
Red River has also completed an underground resource definition and extension drilling program at West 45 with 16 holes drilled for 1,807.15 metres.
The objectives are to increase confidence in Lens 6 mineralisation prior to a decision to mine; to target down dip extensions of Lens 4, and; to understand the structural framework controlling West 45 mineralisation.
Tonnages have been confirmed in Lens 4 and Lens 6 while positive assay results have been received from 13 holes and results are pending from a further hole.
Red River began copper, lead and zinc concentrate production at Thalanga in September 2017 and is focused on maximising returns.
It believes this will occur by increasing plant throughput and extending mine life through increasing resources and reserves at the West 45, Far West and Waterloo deposits.
The company also aims to potentially convert resources into reserves at Liontown and Orient and by aggressively exploring a growing pipeline of high-quality targets within the surrounding area.
Register for the CEO Session today to find out more.