Red River Resources Limited (ASX:RVR) (FRA:R1R) has received further assays in follow-up drilling at Eleanora Lode of its Hillgrove Gold Mine in northern NSW, including the highest grade to date of 1-metre at 57.2 g/t gold and 1.6% antimony from 188 metres.
The 1-metre intersection in drill hole ELG147 was within 2 metres at 38.2 g/t gold and 2.1% antimony as part of a 10.7-metre intersection from 180.6 metres downhole that assayed 8.6 g/t gold and 0.5% antimony.
Red River is confident that these results and others have confirmed the presence of high-grade gold-antimony mineralisation within the Eleanora vein system and demonstrate the potential to develop Eleanora as an additional feed source to the recently restarted Hillgrove Operation.
Other key results included drill hole ELG145, which intersected 3.3 metres at 1.7 g/t gold from 173.70 metres downhole.
Drill hole ELG146 intersected 9.15 metres at 4.9 g/t gold and 1.1% antimony from 110.45 metres downhole including 4 metres at 9 g/t gold and 2.4% antimony from 112 metres downhole.
Additionally, drill hole ELG148 intersected 15 metres at 7.7 g/t gold and 1.4% antimony from 156 metres downhole, including 6.10 metres at 13.9 g/t gold and 2.5% antimony from 157 metres downhole and including 1.10 metres at 30.1 g/t gold and 2% antimony from 162 metres downhole.
Drill hole ELG149 has been sent for assay, with ELG150 in progress and ELG151 remaining to drill.
On completion of ELG151, the drill rig will begin a four-hole program at Garabaldi Lode to support the conversion of a JORC 2004 mineral resource to JORC 2012 compliance and this work forms part of a 23-hole drilling program for 4,225 metres underway at Hillgrove.
Shares have been more than 5% higher this morning to 29.5 cents and the company's market cap is approximately $145 million.
Eleanora drilling long section.
Growing the mineral resource base
The company has recently commenced production operations at Hillgrove, starting from the Bakers Hill stockpile (225,000 tonnes at 2.5 g/t gold) through the Hillgrove Processing Plant to produce gold doré before moving onto underground production in Stage 2.
In the meantime, the company aims to build up the Hillgrove resource base.
Red River is planning drilling over the next three to four months to support the upgrade of the Eleanora-Garibaldi JORC resource, to accelerate mine planning activities at Sunlight and generate samples for metallurgical test-work.
On completion of the Eleanora Uppers Phase 2 drilling program where the penultimate hole is in progress, the drill rig will begin at Garibaldi.