Red River Resources Ltd (ASX:RVR) has struck high-grade copper in resource definition drilling at Liontown deposit of the Thalanga Operations in Northern Queensland, revealing grades as high as 4.99%.
RVR intends to increase confidence in the Liontown resource via this program of delineation drilling, developing the prospect into the third deposit of the Thalanga Operation.
The program was designed to reduce spacing across the indicated and inferred areas of the mineral resource, with results including:
- 4.95 metres at 19.5% zinc equivalent, including 4.99% copper from 288.75 metres (LTDD22052 – Gap Lode);
- 3.15 metres at 11.3% zinc equivalent, including 2.74% copper from 168.0 metres (LTDD22195A – Gap Lode);
- 4.85 metres at 10.3% zinc equivalent from 137.45 metres (LTDD22058 – Main Lode 1);
- 3.10 metres at 11.2 % zinc equivalent from 242.15 metres (LTDD22060 – Main Lode 3); amd
- 4.60 metres at 14.6% zinc equivalent from 204.75 metres (LTDD22059 – Main Lode 3).
Forward activities at Liontown
Red River has added a third diamond drill rig to those already operating at Liontown, intending to continue resource definition and extensional drilling of the Liontown resource over the next 12 months to produce an upgraded mineral resource estimate and increase confidence in the deposit.
These drill rigs are currently targeting the Main Lode, Gap Uppers and Western Footwall areas.
Plan and sections of the mineralised zones at Liontown.
The company will also begin construction at Liontown once a Native Title agreement has been finalised and environmental approvals granted.
Resignation of MD/CEO
Meanwhile, the company will begin a search for a new managing director/chief executive officer following the resignation of Mel Palancian.
RVR said that he had resigned "for personal reasons" but would continue in his current role in order to ensure an orderly transition.
The board has acknowledged Palancian’s service over the last seven years, as managing director and CEO and his invaluable contribution towards the growth and development of Red River.
It said that the company’s transformation from a developer and explorer into a multi-asset and multi-commodity producer under his leadership had placed Red River in a strong position.
“There have been many challenges over the last few years, not least operating across three states during COVID restrictions," said chairman Brett Fletcher.
"Mel’s experience and leadership have been pivotal to providing the company with a platform for growth over the coming decades.”
Palancian said: “After over seven years with Red River I am proud of the progress that the team has made, with the development and commencement of production at Thalanga and the subsequent acquisition and development of Hillgrove.
"This has resulted in Red River becoming a multi-asset operator focused on lean and clever resource development.
"I want to take this opportunity to thank the board, management and employees of Red River, as well as Red River shareholders, for their support over the years.”