Red River Resources’ Share Price Rebounds on High-Grade Silver Find
We’re not yet halfway through the month but Red River Resources Ltd’s [ASX:RVR] share price has delivered plenty of excitement for shareholders.
Just last week we looked at what could mean another quarter of record production for RVR — news that pushed the share price to a fresh 52-week high.
We could even see a new share price high set today thanks to news that RVR has uncovered what it believes is an extensive high-grade silver system at its Orient Project in Northern Queensland.
At time of writing the RVR share price is 3 cents higher or 14.29% to trade at 24 cents per share.
All aboard at Orient
RVR’s Orient Silver Indium Project consists of the Orient West silver-lead-zinc-indium deposit and the Orient East silver-lead-zinc-indium deposits.
The Project is located nine kilometres north of Irvinebank in Northern Queensland, an area noted for its silver-lead mineralisation since the late 1880s, with operations ceasing by 1926.
Today, RVR released 44 samples from Orient West and 37 samples from Orient East.
Highlights show some encouraging results:
- Orient West returned an average grade of 357 g/t Ag, 241 g/t In, 8.2% Pb and 5.8% Zn, with peak assays of 1,730 g/t Ag, 1,289 g/t In, 39.1% Pb and 32.1% Zn
- Orient East returned an average grade of 240 g/t Ag, 88 g/t In, 5.9% Pb and 0.9% Zn, with peak assays of 1,365 g/t Ag, 444 g/t In, 25.8% Pb and 18.7% Zn
The purpose of RVR’s sampling at Orient was to gain a better understanding of the size and grade of the known silver-indium-lead-zinc mineralisation, prior to commencing drill-targeting activities.
Which the producer/explorer says has been successful.
Discover why this gold expert is predicting a HUGE spike in Aussie gold stock prices. Download your free report now.
A fair conclusion, in my opinion, given global silver grades have been on the decline for years, with the average grade of the top silver miners globally topping out at ~193 g/t.
There’s a lot going on for RVR
If you’re a regular reader of The Daily Reckoning Australia, then you’ll know RVR has quite a diverse range of projects going on.
One of its key projects is its Hillgrove Gold Mine, which is due to come online before the end of the year.
In fact, in late October the RVR share price climbed significantly when we got a look at what the economics at Hillgrove are expected to look like.
Although there was a bit of uncertainty in the gold price yesterday, the outlook is still promising for this project.
And with Australia set to knock China off the top spot as the undisputed global leader in gold exploration, mining and production, there could be big surges in stocks like RVR. In her latest report, gold expert Shae Russell breaks down what Australia becoming the new gold ‘epicentre’ means for gold and your Aussie gold stocks. Click here to download the free report.
For The Daily Reckoning Australia