Red River Resources Shares Up on High-Grade Gold Hit (ASX:RVR)
The Red River Resources Ltd [ASX:RVR] shares rose today after hitting high-grade gold up to 27 g/t Au at Hillgrove.
Red River Resources Ltd [ASX:RVR] shares were up as much as 6.9% in early trade before retracing somewhat, trading up 2.4% at the time of writing.
The Red River share price, while down 20% year-to-date, has gained 150% over the last 12 months.
Source: Red River Resources Ltd
RVR disclosed results from two diamond drill holes targeting Curry’s Lode at its Hillgrove Gold Project in NSW today.
The gold miner deemed the drilling a success, with both holes intersecting gold and tungsten mineralisation.
RVR received peak assays up to 27.1 g/t Au (gold), 4.2% Sb (antimony) and 0.39% WO3 (tungsten).
The drilling followed up Red River’s phase one drill program, which also confirmed the presence of high-grade, gold-tungsten mineralisation.
CUY009 was the first hole to test Curry’s Lode mineralisation at depth, targeting about 100 metres below the best intercept identified from previous drilling.
CUY009 intersected 5.0m at 9.2 g/t Au, 0.6% Sb and 0.38% WO3 from 144 metres down hole, including 0.55m at 27.7 g/t Au, 4.2% Sb and 0.39% WO3 from 146 metres down hole.
Importantly, RVR reported that the most significant antinomy grades were intercepted by CUY009.
Why is this important?
According to Red River, this proves mineralisation remains open at depth.
In other results, CUY008A intersected 0.7m at 2.9 g/t Au and 0.3% WO3 from 26m down hole.
Source: Company presentation
RVR ASX outlook
Red River will now undertake a detailed review to plan the next drill program.
The program will focus on extending the high-grade mineralisation along the strike area and at depth.
Gold is on a lot of investors’ minds. And it seems to be on the rebound. Just look at the chart from Bloomberg below:
And why not? With global uncertainty around inflation set to persist as governments continue to offer stimulus, gold will likely continue to be an attractive hedge against inflation fears.
With this in mind, I recommend reading this report on why Australia could be set to become the ‘epicentre’ of the next gold bull run.
Check out some of the reasons why here.
For The Daily Reckoning Australia
PS: Discover what is probably the easiest way to start investing in gold in Australia. In fact, it’s as easy as buying a book on Amazon! Click here to read the FREE report.