Red River Resources Ltd (ASX:RVR) has struck bonanza-grade gold in the first hole drilled at Bakers Creek prospect of the Hillgrove Gold Project in New South Wales, with a priority assay returning 4.50 metres at 29.5 g/t gold and 0.3% antimony from 466 metres, including 0.45 metres at 257 gold from 467.75 metres.
The drill hole was designed to test for extensional gold mineralisation at the historic Bakers Creek mine and has revealed a gold-rich section with more than 50 pieces of visual gold, ranging from sub-millimetre to 2 millimetres square in size.
Bakers Creek historically produced more than 300,000 ounces of gold, the most productive deposit in the Hillgrove field.
Potential to grow Hillgrove resource
“We are blown away by the high-grade gold from the first hole at our Bakers Creek drilling, exceeding our expectations and it’s just the start of our drill program," Red River Resources managing director Mel Palancian said.
"This result could be a game-changer for us at Hillgrove.
“Bakers Creek produced high-grade gold more than 100 years ago but has seen only minimal modern exploration since then.
“Our first hole was a big step out from the workings and is showing signs there may be much more of this high-grade gold mineralisation yet to be discovered.
“We will continue drilling at Bakers Creek to discover extensions to the gold mineralisation and build our resources at Hillgrove.”
Red River’s bonanza gold hit comes from only the fourth hole to be drilled through Little Reef at Bakers Creek since mining ceased in 1921.
The company is already drilling a follow-up hole, with two more planned to test targets around the historical workings.
Shares of the base metals and gold producer are 10% higher at $0.165.