Red River Resources Limited (ASX:RVR) has processed the gold-rich historical tailings from its Liontown Project through the Thalanga Mill in Northern Queensland to produce a saleable gold concentrate.
Around 600 tonnes of concentrate containing about 1,300 ounces gold have been produced with final reconciled assays are pending.
Shares in the company have been as much as 18% higher today to 8.7 cents.
Red River managing director Mel Palancian said: “Processing the Liontown Tailings to produce a saleable gold concentrate is an excellent result for Red River.
“The Liontown Tailings would have been moved during development and mining activities at the Liontown Project and by doing it now, it allowed us to take advantage of the current high gold prices.”
Liontown tailings being loaded for transport to Thalanga.
The Liontown Tailings were reclaimed and transported to Thalanga during April and May and campaign processed through Thalanga during June.
While Thalanga was treating the Liontown Tailings, the mill temporarily ceased processing polymetallic ore from Far West.
Underground mining operations continued at Far West and once the Liontown Tailings processing was completed, the Thalanga Mill reverted to producing copper, lead and zinc concentrate from the Far West ore.
Red River is seeking to build a multi-asset operating business focused on base and precious metals with the objective of delivering prosperity through lean and clever resource development.
The foundation asset is the Thalanga Base Metal Operation in Northern Queensland, which was acquired in 2014 and where RVR began copper, lead and zinc concentrate production in September 2017.
RVR recently acquired the high-grade Hillgrove Gold-Antimony Project in NSW, which will enable the company to build a multi-asset operating business focused on base and precious metals.