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Red River Resources to target Liontown development in support of Thalanga Operation

The company will put its zinc-rich Waterloo deposit on hold while it develops the Liontown deposit.

Red River Resources Limited - Red River Resources target Liontown development to support Thalanga operations
Red River has a pre-existing mining lease at Liontown which may enable early works for development of the New Queen Lens

Red River Resources Limited (ASX:RVR) will develop the high-grade, gold-rich polymetallic Liontown deposit as the next mining operation at its Thalanga Operation in northern Queensland.

The decision follows assays from drilling at Liontown that delivered further high-grade gold results from New Queen Lens while high-grade copper-gold mineralisation was intersected in the Carrington Lode.

Red River managing director Mel Palancian said: “Given the results from Liontown, in particular the New Queens Lens in 2019 drilling, there is a strong rationale for fast-tracking Liontown’s development as our next priority.

“We previously planned to develop Waterloo as the third deposit at Thalanga, but the discovery of the Liontown East deposit and the New Queen drilling results show that Liontown is a much larger mineralised system and its still open along strike and depth.”

The zinc-rich Waterloo deposit will be placed on hold while the company focusses on developing Liontown.

New Queen Lens results

Assay results at New Queens to date have returned wide intercepts of high-grade polymetallic fresh sulphide mineralisation with material precious metals, particularly gold, from within 30 metres of the surface.

Drill hole LTDD19036 intersected 18.35 metres at 9.0% zinc equivalent from 48.65 metres down-hole, including an intercept of 1.1 metres at 0.5% copper, 13.7% lead, 29.6% zinc, 9.8 g/t gold and 371 g/t gold (57.9% zinc equivalent) within 4.20 metres at 23.6% zinc equivalent from 53.10 metres down-hole.

Carrington Lode

Drilling at the copper-gold rich Carrington Lode returned intersections including:

  • 11.35 metres at 3.1% copper and 0.9 g/t gold including 4.65 metres 5.5% copper at 2.1 g/t gold from 188 metres down-hole, and
  • 5.60 metres at 2.1% copper and 7.5 g/t gold from 99.70 metres down-hole including 2.50 metres at 1.7% copper and 13.5g/t gold from 102.80 metres down-hole

Updating the resource

With the completion of the current drilling program, Red River is working to update the mineral resource for the project, which is expected to be completed in March 2020.

Palancian said: “We are finalising a mineral resource update and mine planning for the deposit.”

“Prioritising the development of Liontown will allow us to increase production of gold and copper at Thalanga while we continue restart studies for the Hillgrove Gold Project in New South Wales.

With the Waterloo deposit on hold, the company will now focus on developing Liontown, increasing mill throughput at Thalanga as well as gold and silver production.

Quick facts: Red River Resources Limited

Price: 0.081 AUD

Market: ASX
Market Cap: $41.82 m

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