Red River Resources Limited (ASX:RVR) achieved record quarterly copper production at Thalanga Base Metal Operations in Queensland and has approved mining and processing of the Syndicate gold resource at Hillgrove in NSW.
The foundational asset, Thangala Operations in north Queensland, produced 7,539 tonnes of zinc concentrate, 1,984 tonnes of lead concentrate and 4,411 tonnes of copper concentrate during the quarter.
Copper production was 8% above the previous record in Q1 of FY21 and a 24% improvement on the June quarter of 2021.
Zinc concentrate production was 20% higher quarter-on-quarter while lead concentrate production was 47% higher than the QoQ
Production was supported by strong mining and processing operations with Far West Mine delivering above reserve zinc equivalent grades to the processing plant.
RVR is a multi-asset operating business focused on building its base and precious metal reserves with the objective of delivering value through ‘lean and clever resource development’.
Hillgrove production
During the September quarter, the Hillgrove mine in northern NSW produced 1,179 ounces of gold, with 667 ounces in doré (semi-pure gold alloy bars produced on-site) and 512 ounces in concentrate.
Mining of the Bakers Creek stockpile is now complete and RVR has begun recovering gold from the residual material within the processing circuit in order to convert the contained gold in gravity concentrate to doré.
In further encouraging news for the company at Hillgrove, the board has approved the mining and processing of the Syndicate resource and site management is preparing for mining to start in early 2022.
Shares improving
RVR has enjoyed multiple days of share price growth following its recent Glencore offtake announcement, with the strong quarterly production figures to back up the deal.
Shares have been as much as 13.2% higher intraday to $0.215 and have risen from 15.5 cents at the market close on September 20.
Read: Red River Resources enters new offtake deal with Glencore for copper concentrate
The offtake deal with Glencore covers all copper concentrate produced at Thalanga until June 2023.
Thalanga and Hillgrove production
