Red River Resources Ltd (ASX:RVR) has intersected gold-rich polymetallic mineralisation of up to 67% zinc equivalent at New Queens Lens deposit within Liontown Project of the Thalanga Operations in northern Queensland.
The peak intersection recorded was 1.70 metres at 1.1% copper, 15.9% lead, 30.8% zinc, 21.8 g/t gold and 304 g/t silver (67.2% zinc equivalent) from 62.4 metres.
Red River started drilling at Liontown in June 2019 and has since completed 34 drill holes with assay results received for 23 holes.
Precious metal-rich mineralisation
Assays from the latest five drill holes completed at the New Queen Lens highlight the precious metal-rich nature of the VHMS mineralisation.
Other notable assays include:
- 30 metres at 0.4% copper, 3.8% lead, 7.1% zinc, 2.4 g/t gold and 38 g/t silver (13.9% zinc equivalent) from 61 metres, including:
- 5.50 metres at 0.4% copper, 5.8% lead, 11.9% zinc, 7.2 g/t gold and 119 g/t silver (25% zinc equivalent) from 61 metres;
- 1.7 metres at 1.1% copper, 15.9% lead, 30.8% zinc, 21.8 g/t gold and 304 g/t silver (67.2% zinc equivalent) from 62.4 metres; and
- 5.4 metres at 1% copper, 7.2% lead, 14.4% zinc, 4.7 g/t gold and 52 g/t silver (27.7% zinc equivalent) from 73.9 metres.
Up to 67% zinc equivalent was intersected in hole LTDD19027
Shares have been as much as 13% higher to an intra-day high of 13 cents.
New Queens Lens development
Red River is working towards completing a mineral resource estimate for the New Queens Lens deposit with preliminary mining studies underway and results expected shortly.
This estimate will be completed after assays from the outstanding 11 holes are received at the end of January.
The completion of the mineral resource will allow the outcome of preliminary studies to be finalised.
Ongoing exploration success at Liontown, southwest of Charters Towers, has increased potential to develop the deposit with Red River seeking to accelerate production at Liontown ahead of developing the zinc-rich Waterloo deposit.
Most known New Queen Lens mineralisation falls within an existing mining lease (ML10277) held by Red River’s wholly-owned subsidiary, Cromarty Resources Pty Ltd.