viewRed River Resources Limited

Red River Resources hits up to 32.3 g/t gold in Eleanora drilling at Hillgrove project in NSW

The company 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.

Red River Resources Limited -
The Hillgrove Gold Project is around 30 kilometres from Armidale in NSW where historic mining activity commenced in 1857

Red River Resources Ltd (ASX:RVR) has intersected broad intervals of gold-antimony mineralisation with results of up to 32.3 g/t gold and 6.9% antimony from maiden drilling targeting the Eleanora Lode at Hillgrove Gold Project in NSW.

The results have confirmed the presence of high-grade gold-antimony within the Eleanora vein system and adjacent halos of low to medium-grade gold mineralisation.

Drilling has now begun at the Curry’s Lode target as the company firms up gold targets at the project ahead of the planned resumption of gold production at Hillgrove by the end of 2020. 

Some high-grade intersections of up to 32.3 g/t gold, including visible gold, demonstrates that there is a significant remnant resource which Red River will continue to pursue, given Eleanora is 200 metres from the Hillgrove processing plant and on a mining lease.

Strong results

Assays have been received for drill holes ELG139, ELG140, ELG141, ELG142, ELG143 and ELG144 with best results including:

  • 7 metres at 2.2 g/t gold and 0.3% antimony from 119 metres, including 2.4 metres at 5.2 g/t and 0.9% from 123.6 metres;
  • 7.5 metres at 4.1 g/t and 0.6% from 141 metres, including 1.75 metres at 15.6 g/t and 2.7% from 143.8 metres;
  • 0.45 metres at 32.3 g/t and 6.9% from 144.4 metres;
  • 8.4 metres at 2.9 g/t from 31.8 metres;
  • 8 metres at 2.7 g/t from 45 metres, including 5 metres at 3.8 g/t from 48 metres; and
  • 12.8 metres at 1.5 g/t from 60 metres, including 3.6 metres at 2.8 g/t from 65 metres.

Red River will plan a second phase of drilling at Eleanora once all assays are received, seeking to grow the resource and upgrade it to JORC 2012 standard with a view to enabling a second independent mining centre at Hillgrove.

The company plans to initially produce gold doré from the Bakers Creek stockpile starting in 2020 in stage-1 before resuming underground operations at the Metz Mining Centre to produce gold-antimony concentrate, gold concentrate and gold doré in stage-2 next year.

Quick facts: Red River Resources Limited

Price: 0.195 AUD

Market: ASX
Market Cap: $100.97 m

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