Red River Resources Limited (ASX:RVR) has intersected further zones of broad, high-grade gold mineralisation at the Eleanora-Garibaldi and Sunlight targets of the Hillgrove Gold Project in northern New South Wales, strengthening the company’s confidence in the commercialisation of Hillgrove operations.
Additionally, notable amounts of tungsten were identified near the Sunlight target, providing additional upside for a separate material stream from Hillgrove.
Results of note include:
- 19.7 metres at 2.0 g/t gold from 221.5 metres downhole (SUN057) including 3.0 metres at 10.4 g/t gold from 221.5 metres and 0.5 metres at 32.1 g/t gold from 224 metres, also including 3.2 metres at 2.0 g/t from 238 metres and 7.5 metres at 2.4 g/t gold and 0.6% tungsten trioxide (WO3) from 99 metres;
- 7.0 metres at 3.6 g/t gold and 0.9% antimony from 175 metres downhole in (ELG153B) including 4.0 metres at 4.7 g/t gold and 0.6% antimony from 178 metres;
- 3.0 metres at 4.4 g/t gold and 2.2% antimony from 107 metres downhole in ELG160 and 5.4 metres at 2.7 g/t gold and 0.6% antimony from 174.6 metres, including 4.0 metres at 3.3 g/t gold from 176.0 metres.
The Hillgrove Project
Hillgrove has an existing JORC 2012 mineral resource of 7.23 million tonnes at 4.5 g/t gold and 1.2% antimony for more than 1 million ounces contained gold and 90,000 tonnes contained antimony.
The drilling program has been completed at Eleanora-Garibaldi with the deposit remaining open, while drilling at Sunlight and Cosmopolitan is continuing. Nine more completed holes are awaiting assays results, which will be announced as they’re received.
Red River says the broader mineralised zones indicated by recent assays are encouraging and continue to build confidence to transition Hillgrove from a historical narrow vein project into a larger-scale gold operation.
A tungsten intercept adjacent to Sunlight (SUN057) highlights the potential for additional value adding metals.
Looking forward
RVR recently successfully settled a royalty dispute with Thalanga Copper Mines Pty Ltd (TCM), a subsidiary of Vedanta Resources Limited, following the dismissal of its appeal last month.
Red River inherited the royalties liability to TCM via its acquisition of the Thalanga project in 2014, paying A$19.94 million to settle. Red River now has no ongoing royalty obligations to TCM.
The company is completing a competitive tender process for the restart of underground mining at Hillgrove. RVR says it’s pleased with the strong interest from multiple potential partners and recruitment for key staff roles is also progressing.
About RVR
Red River Resources 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 company’s foundation asset is the Thalanga Base Metal Operation in Queensland, which was acquired in 2014 and the production of copper, lead and zinc concentrate started in September 2017.
Red River has also started production at the high-grade Hillgrove Gold Operation in New South Wales, which was acquired in 2019, as a key part of its strategy to build a multi-asset operating business focused on base and precious metals.