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Red River Resources reveals gold potential at Thalanga

The company is examining historical gold workings around its Thalanga Operations with the aim to take advantage of strong gold prices.

Red River Resources Limited - Red River Resources reveals gold potential at Thalanga
Sampling activities at Ada workings at New Homestead

Red River Resources Limited (ASX:RVR) has received high-grade gold results from sampling of historical New Homestead workings on the Thalanga Range, 3 kilometres northeast of its Thalanga Operations base metals project in north Queensland.

Sampling activities on the workings at New Homestead - Agnes Howson, Ada, Wild Scotchman and Evening Star - returned gold assays of up to 59.8 g/t gold.

Red River managing director Mel Palancian said it made sense for the company to review its Thalanga landholding for opportunities to leverage its exposure to gold.

“Opportunities to increase profitability”  

He said: “We have been producing base metals at Thalanga since 2017, however, with a gold price that continues to strengthen, we want to ensure we are not missing opportunities to increase our profitability.

“In addition to our acquisition of the Hillgrove gold and antimony project [in NSW] in August 2019, where we are undertaking restart study activities, we have also developed the Thalanga gold strategy and we will be progressing through the steps of this strategy in 2020.

“Initial results from this work are encouraging, as seen in the sampling results from New Homestead. “Red River will keep the market updated as to the progress of the Thalanga Operations gold strategy.”

Gold strategy

Red River’s Thalanga Operations gold strategy is based on:

  • Exploration to target known gold mineralisation on tenements and leases held by Red River;
  • Monetise existing gold resources or inventory (stockpiles, tailings) held by Red River;
  • Utilise available capacity in Thalanga mill to increase gold production; and
  • Applications in region to target areas of known or potential gold mineralisation.

A gold exploration review in 2019 prioritised targets in the Charters Towers region, near known world-class multi-million-ounce gold deposits, and where Red River has a large tenement holding and operational base.

The key targets were New Homestead, Liontown West Extension, Coronation, Truncheon and Kitchen Rock.

Historical gold works

Reconnaissance mapping identified the historical gold workings at Agnes Howson, Ada, Wild Scotchman and Evening Star and a program of sampling was undertaken.

The main period of mining was around 1890–1900 with the total production for the period estimated at 1,100 ounces of gold from 760 tonnes of ore from the New Homestead group of workings.

An objective of the sampling was to collect a variety of samples from each mullock dump to determine which veins hosted the gold.

Samples were submitted to Intertek in Townsville for gold and low-level trace element analysis.

Exploration and trenching to define drill targets will continue at New Homestead as the gold strategy progresses.

Quick facts: Red River Resources Limited

Price: 0.096 AUD

Market: ASX
Market Cap: $49.56 m

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