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Red River Resources shares rise after increasing Liontown contained gold by 125%

The company plans to develop Liontown as the third mine as part of its Thalanga operations, given the high-grade gold-rich nature of the deposit.

Red River Resources Limited - Red River Resources shares rise after increasing Liontown contained gold by 125%
Red River’s shares are trading up 5.36% while the S&P/ASX 200 is down 2.87%

Red River Resources Limited (ASX: RVR) has upgraded the gold resource at the Liontown Project within its Thalanga operations in northern Queensland.

The company has updated the Liontown resource (fresh sulphide) to 2.6 million tonnes at 0.7% copper, 1.6% lead, 5.1% zinc, 1.4 g/t gold and 30 g/t silver (12.4 % zinc equivalent).

Liontown mineral resource (fresh sulphide)

Importantly, the updated Liontown resource (fresh sulphide) is a material increase in tonnage and contained metal over the previous resource.

Tonnage has increased by 36%, with a 125% increase in contained gold, a 51% increase in contained silver, a 109% increase in contained copper, a 34% increase in contained lead and a 53% increase in contained zinc.

Red River managing director Mel Palancian said: “The material upgrade to the Liontown Mineral Resource, with contained gold and copper more than doubling is an outstanding result, and validates our decision to develop Liontown as the third mine as part of our Thalanga operations, especially given its high gold content.

“This year we plan to progress Liontown for potential development next year as we work to increase our exposure to gold at Thalanga while prices are at record highs, in tandem with bringing the Hillgrove gold project in NSW back into production this year.”

Liontown Project location

The total Liontown Project resource (Liontown and Liontown East) has now increased by 20% to 4.1 million tonnes at 0.6% copper, 1.9% lead, 5.9% zinc, 1.1 g/t gold and 29 g/t silver (12.7% zinc equivalent).

Red River plans to develop Liontown as the third mine as part of its Thalanga operations, given the high-grade gold-rich nature of the deposit.

It has a pre-existing Mining Lease (ML 10277) at Liontown and this may enable early works to commence to develop the deposit, initially targeting the New Queens Lens.

Liontown mine design work and mining studies are proceeding and expected to be complete next quarter.

Quick facts: Red River Resources Limited

Price: 0.059 AUD

ASX:RVR
Market: ASX
Market Cap: $30.46 m
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