Red River Resources Limited (ASX:RVR) (FRA:R1R) has identified four high priority drill targets from a survey undertaken at the Coronation prospect east of the company’s Thalanga Base Metal Operations in northern Queensland.
The Coronation prospect is about 4 kilometres northwest of the Highway Reward mine.
RVR’s program aimed to follow-up surface expressions of mineralised barite-quartz-sulphide-gold veins (peak value of 13.8 g/t gold) similar to that of the buried Highway Reward deposit.
The Highway and Reward deposits occur as steep dipping pipes and have associated gravity and IP chargeability anomalies.
Maximising value from current resources
Any additional resources discovered at Coronation would be processed through the Thalanga plant to supplement the ore from Far West and Liontown.
RVR continues to focus on maximising value from the current known resources at Thalanga whilst also exploring to increase the overall resource.
Four main features identified
The survey was undertaken over the Coronation North prospect on 50 metres and 100 metres spaced lines with 50 metres spaced stations for a total of 220 stations.
Red River’s modelling has identified four main features namely CorG1 to CorG4, where CorG1 was identified as the largest and high priority anomaly with a high-density contrast of 0.07 grams per cubic centimetre.
CorG2 and CorG3 also possess substantial density contrasts and are of sufficient volume to represent significant targets.
CorG4 is shallow and influenced by the regional trend in gravity which increases towards the anomaly.